On the revenue side,it seems there isn't much room to increase rents, no central air, maybe an older building etc.

When the biggest buyer in the market is gone, supply balloons and rates have to go up to bring in buyers.

My biggest advice is to start investing where you have a good network of people you know like and trust...this especially holds true if you will be investing out of state.While it's not impossible to go straight to the commerical I personally found it easier to start in the residential world and then make my way over to commerical multi-family. 

That was the biggest benefit that came up time and again was the amount of time that they stay in the property reducing turnover.

The biggest ways IMO are MLS data, multiple solutions for sellers (off market cash deal or listing), ability to rep. yourself on your own deals (saving on commission).Commission savings adds up fast when you're doing multiple deals a year.That being said, there is cost to having a license so if you're only doing a couple deals a year then it might not make as much sense.

I think your biggest asset is the 2.25% rate and the 2019 CA property tax basis.

My biggest issue is that I’m using personal funds as owner contributions to these accounts and money moves from account to account on a consistent basis, so I’m trying to be diligent in proper accounting. 

The biggest trade off I have heard from someone (also not a CPA/tax advisor) that qualifies as REPS is upon sale, you no longer have long term capital gains, but rather active income.  

I didn't want the hassle, so I am taking about a 10% decrease in revenue, but I have less to deal with.

I did 10x what it cost to be in CCF in net revenue.