Ultimately, consulting with a real estate focused accountant is the move here, but this should be a helpful primer.

Start with BiggerPockets Ultimate Beginners Guide (free).

The biggest thing is vetting the operator as they ultimately drive the returns.

Just curious... what’s your ultimate goal for that office space..are you looking to boost resale value, or is it more about having a functional retreat above the garage?

The issue we had is that over time, our sheets get mixed up with other customers' (cheaper) sheets, and we ultimately end up with an inventory of sheets that are not ours.

However, the LAIC has the right to turn around and make sure that any costs paid by the LAIC that should have been handled by the property owner are reimbursed by the property owner—ultimately through the courts, if necessary."

It's going to vary depending on your own income outside of investments, your age, your ultimate goals, whether you want/need the income to live off of, and all kinds of other considerations.

If you end up in Cleveland you'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods to give yourself an in depth idea of the market.

Before investing here I suggest you read The Ultimate Guide to Grading Cleveland Neighborhoods to get yourself an understanding on the market.

He also tells the story of Steven Spielberg: the ultimate "fake it 'til you make it"!