Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

Obviously the answer is yes when it comes down to the cash flow, but I am particularly wondering if HCOL/high property tax areas are places you would cross off the list entirely.

My best tip is to find underperforming properties in your area (target the big PMs), find the general cross streets, use something like Zillow or local MLS to find the property based on pictures and general area, find the owner's contact info (Propstream, whitepages.com., local agent you know etc,), and then start reaching out.That is a very condensed version of a high-level way to find co-hosting opportunities, but it has the best conversion rates.Look into local FB groups in the area and see what client opportunities pop up over time. 

Meetups - Our events page is a great place to start, some areas of the country are far more active about posting their meetups than others, if you're not finding anything here meetup.com is a great place to look as well.

Through my experience, I’ve cultivated a conservative approach that balances opportunity with risk management that I apply to every deal that crosses my desk.

Start by talking to a cross-border CPA and attorney to handle taxes and legal structures properly.

I have been cross-ways with the IRS about 25 years ago due to a dishonest [ex] employer and I dont want to have to go through that again.

I will definitely need help with this one, because it is currently landlocked and will need either a road and crossing over the river, or it will need deeded property access through a 3rd party.

Based on how I am reading your summary it sounds like there is solid equity in the 2-family in order for a bank to cross-collaterize assets. 

Crossing the lines may not provide proper liability protection.Personally, I just kept my SF rentals in my name and got excellent insurance coverage, $500K per property plus a $2M umbrella.