@Lotus Eli, being a mentor can mean a lot of different things to people, specifically the actual level of involvement.What I find interesting is you mention mentee #1: making calls, driving for dollars...

Weigh your headache level against your income goals. 

In fact, we just closed a new buyer on a beautiful turn of the century duplex in Duluth allowing him to househack the upper level. 

Quote from @Pramod Ponna: The application is supposed to determine a level of risk.

I like to look at each component of the process on an itemized level first so that when I do work with a developer I can have my own reference for all the bundled costs associated with the build proposal. 

Many PM companies will not do so at all as it requires a high level of internal coordination and sometimes the tenant just makes your life a nightmare. 

That is an individual answer specific to each one's situation and risk tolerance level. 

Being aware of not biting off too much at one time is a skill, and it seems you have it.Real estate is all about incremental wins and, maybe most importantly, staying sane and JOYFUL while doing it!

(please give advice that is not beginner level, as I have been researching MTRs for months and already know the basics) 

If in the year 2000 you invested $200k in Cleveland and $200k in San Diego both with same level of leverage.