I put strong weight on what Shawn has to say about the indy market.

I'd run the financials of the rental option side by side with other investment options, weight the softer issues (location, suitability as rental, likelihood of appreciation), then decide.  

Just be careful not to get into a situation where you have a lot of upkeep expense.

However, if you get a 50 year old home that may have just been rode hard and do a rehab on it we get very very good returns, but that being said it's an older home and there are going to be more upkeep on them. 

A good agent will pull their own weight and prevent you from overpaying for the property.

The experience they'll give you will be worth it's weight in gold.

Yes, you could buy Sub-2, check the issues with that animal.You don't have to put the maintenance issues in the lease, it's required by law, the owner has the responsibility of maintenance and upkeep of residential properties.

Big mulit and commercial deals multi millions etc  yes... but even then they work with the title company and the escrow officer handles most of the duties Attorney may draft the note or Deed  and review.Maybe some of the CA investors can weight in and advise who they use for escrow closings. 

The seller doesn't have to deal taxes or upkeep.

So these loan spots are worth their weight in gold to an investor.2) You had mentioned you were looking to put the loans/houses in an S Corp.