@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

For the second property, I would expect to have to put money into it in some fashion.

@Helena Lee, I do not have experience with it, BUT I would expect to pay capital gains on the bitcoin. 

Might be time to have a conversation about expectations—or consider other options if he’s not the right fit.

Please advise on what to expect what to do?

Make sure you have financial reserves for repairs/maintenance/CapEx I would personally sell the SFRs - slow market right now, keep that in mind with your selling price expectations.

It's important to narrow down on the locations and conditions of properties you're looking to buy so you can align your numbers with those expectations.

That said, he should give you updates whether they are not what you expect.

Add in the social media gurus and I think expectations for RE investing can get skewed very quickly. 

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.