We have had a terrible experience utilizing PM, so we are doing our best to keep things in house and hands on. 

But since we are near the top of the market in SF, I would be cautious about investing in that area unless its an extremely good deal, and for those, you need to learn how to find them off-market before an agent lists them.If you want to learn how to find off-market properties, I might be able to help you.

I actually currently have 3 lots that we are building duplexes or triplexes on at least.

In fact, it often appreciates.To go a little deeper:Depreciation was designed for assets that wear out or become obsolete over time, like machinery or vehicles.

We are able to profit a whole lot more because we don’t pay a property manager.

Networking Tips: How can I leverage industry events, meetups, and online communities to build relationships with potential investors?

Market capacityAnd yes there will be Black Swan events that blow the project up.  

I'm also from Detroit and currently looking for my first rental property and you're right, the forums are a great tool but I would also consider attending some local real estate events/seminars and networking with realtors!

2) Time spent by others: to qualify for the test "100 hours and nobody spent more time", how do we track the time spent by others and what proof would be required in the event of an audit?

Spouse and I are small time real estate investors, we are looking to do some fix/flips in Texas.