If everything is fine on the legal / rental side of things I would stipulate in the lease that the large living room closet would not be allowed to be used as a bedroom and would need to be utilized in some other capacity i.e walk in closet.I understand no one can give legal advice on this site but guidance or websites to look over would be a huge help! 

But start back and zero if you want for me so I can walk you to your goal...Lastly, price sensitivity hints at low problem solving, scarcity mindset, time value not worth much to yourself (well at least now), so that paradigm will have to shift if you are to become an investment juggernaut.  

I'm very active—I ride my bike, walk to the beach about 3-4 days a week, and can walk to most of my workout classes.

Make sure to get lease info and walk the units before doing anything crazy.

If so would you walk around in that area after 8 pm ?   

Of course, the wear and tear was through the roof and the water heater or HVAC never seemed to perform to his liking when it is summer and you have 14 breathing, walking talking 98.6F meat-sicles in the house warming it up.  

I had no idea you could sign a contract and people could just walk away with your money and do whatever they want with it.

It is a huge ticket item and can eat ~30-40% of my reno budget.Today I did a walk through with plumbers and contractors.

Some of the cons of our location is that it is attached/sharing 1 wall to the front house, the patio is 30 ft up an alley where they walk past our front yard to get to their patio, it is lit and our neighbors have their front door on the same access alley so not a threatening looking alley by any means.

I agree stick to more common asset classes like build to rent and horizontal, 3 story walk up apartments, mixed use, commercial planned development, planned developments for residential, hotel / hospitality, single and multi tenant retail, office.