It sounds like you're talking about fairly inexpensive homes judging from the returns that you mentioned. The real trick may be finding the best deals in L.A. proper which have higher demand and prices to maximize your profit margin.
By L.A. proper, I mean from Downtown to the beach between the Hollywood Hills and LAX... in other words, some of the most valuable real estate in Southern California.
I'm guessing that you already know Inglewood has some great opportunites. I'd also add the Baldwin Hills and Crenshaw area north to Wasington and Venice Blvds (right next to the Picfair district that was becoming so hot in the last market run-up.) There are also a few neighborhoods near to Culver City and the Marina which have lower prices that you might want to look into.
Hawthorne and Gardena to the south of Inglewood also present some solid buys, but I stil like the idea of selling nice, fixed up homes in L.A. proper.
Please feel free to get in touch if you'd like to see some examples of what's on the market in these areas. I'm Also an agent in Las Vegas which has some of the best deals in the country right now... but that's an altogether different story.
By the way, I hope 'partner' isn't code for 'cut-rate.' Best of Luck.
I'd be happy to provide you with some listings and make your property search a little easier. Shoot me an email and I will send you some info on some current listings that might be of interest. There are some tremendous opportunities out there right now without a doubt. Have a nice evening!
Coldwell Banker Residential Brokerage