I also purchased a multi-parcel farm property in TN where the trust who owned the property was out of money and needed cash to continue. 

Single family homes are exempt from rent control when privately owned.  

Each individual needs to assess their own ability to handle costs over that time frame when cash flow may dry up.

We own and operate a mid size REI and property management company in Marquette Co. (~300 units or so). 

But there are a MILLION different ways to structure this, and your friend may come back with his own ideas/requests.

Quote from @Nicholas Dillon: Hey guys,I own 2 LTR properties, plus my primary home that I rent out half of the year while I live in Indonesia with my wife, who is Indonesian.  

If there isn't a meetup currently, you can start your own one.

My husband talked to his boss to see if he was interested on selling a small vacant house he owned, and we got it!

We’ve been looking at cities like Fullerton, Cypress, Anaheim, Orange, and Tustin, but we’re staying away from LA County and Santa Ana due to rental restrictions.A little about us:I’m 30, my wife is 28, and neither of us has owned property before.

Obviously the end goal is to build my own real estate portfolio, but gotta learn to walk before running and crawling before walking.