My biggest concern is just having boots on the ground in case something goes wrong.   

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

Now that I have answered your question, I'd like to share my questions and possible concerns. 

I’m just concerned of legality of basement unit and like you mentioned permitted status.

If the house has a septic system, especially if it's an older one, it's worth the investment to have a septic inspection done.This concern is particularly relevant for those planning to buy and hold the property rather than simply fix and sell it.

That would be my concern

.•30-Year Fixed Mortgage Rate: 7.10%•15-Year Fixed Mortgage Rate: 7.35%•Fed Funds Rate: 5.25% - 5.50%•10-Year Treasury Yield: 4.45%•Housing Inventory: 632,000 active listings (33% with price reductions)With home affordability still a concern, any shift in rate expectations could have a major impact on both buyer demand and investor financing conditions.What Analysts Expect from This Week’s DataCPI Inflation Report (Tuesday, February 13)The Consumer Price Index (CPI) measures changes in the cost of goods and services, serving as a key indicator of inflation.

I work in engagement marketing and deal with construction tradesmen all day, usually more custom type tradespersons with a lot of care and concern for their own work, which may glamorize it more than I realize.

You are correct they handle by PM company liability I have prudential personal liability.OK, yeah, and they (Coterie) doesn't offer commercial umbrella insurance (or personal) so I was concerned you might not be covered correctly.You have a personal liability umbrella through Prudential?  

They are a great crowd, and networking was amazing.I just finished the self paced course and just got off the phone with them concerning the Gold and Platinum programs for mentorship.