There are stated or no income 2nd mortgage loans but typically these are fixed term and fixed payment type second mortgages meaning the interest rate usually doesnt fluctuate like a HELOC or home equity line of credit would fluctuate (prime + margin = annual rate calculated based on a monthly basis). 

With the right maintenance and upgrades you could sell it for a decent profit after.

As you're probably aware, AB 1482 caps annual rent increases at 5% + CPI or 10%, whichever is lower.

I could sell the property and net $170k and then reinvest that and earn 9% interest annually via lending hard money. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

The Airbnb paid for almost all the expenses of owning the home and my "rent" was just putting $200-300 away each month in savings for maintenance and capex.

The days of choosing any RE syndicator and getting better than 20% annual return are over. 

The only issue w/the keypads is then you may have extra maintenance calls. 

Understanding tenant rights, maintenance responsibilities, and potential challenges will prepare you for the realities of being a landlord.

You only need a place to track tenant information, payment history, maintenance, etc.