You are hoping for a “passive” return of 10-15k on an outlay of 50-80k. That suggests a return of, at lowest, 12.5% (10k on 80k).
If there were a lot of investments like this, REITs that can borrow money easily at 5-6% would buy them all up. But they don’t, because properties that suggest a double digit cash flow have serious risks, most commonly declining rental market and deferred maintenance. All over middle america there are completely abandoned apartment buildings. The reason they were abandoned rather than sold is that even at a price of 0, the rent doesn’t cover basic expenses like tax and maintenance.
A Californian with 80k trying to get buy an apartment building out of state with no landlord experience is a target to get ripped off.
This is all academic though. It is just obviously a bad idea for so many reasons, and you are not likely to find financing.
