Is it because I am working with a very close friend (and, therefore, preserving the friendship is the main goal, especially if he trusts me enough to invest with me), or is for another reason?

These services include:Property Marketing: Real Property Management utilizes various marketing channels to attract potential tenants, including online listing platforms, social media, and local advertising.Tenant Screening: They conduct thorough background checks on prospective tenants to ensure that landlords get reliable and responsible renters.Rent Collection: Real Property Management handles rent collection, ensuring that landlords receive their rental income on time.Maintenance Coordination: They coordinate property maintenance and repairs, ensuring that the property is well-maintained and in good condition.Financial Reporting: Real Property Management provides detailed financial reports to landlords, including income and expense statements, making it easy for property owners to track their investment performance.Legal Compliance: They ensure that landlords and properties comply with all relevant laws and regulations, helping to mitigate legal risks.Benefits of Using Real Property Management for LandlordsThere are several benefits to using Real Property Management for landlords and property owners:Time and Stress Savings: Real Property Management handles all aspects of property management, saving landlords time and reducing the stress of managing rental properties.Quality Tenants: Their thorough tenant screening process helps landlords find reliable and responsible tenants, reducing the risk of property damage and rent defaults.Property Maintenance: Real Property Management ensures that properties are well-maintained, addressing maintenance issues promptly to preserve the property's value.Legal Compliance: They stay up to date with all relevant laws and regulations, helping landlords avoid legal issues and potential liabilities.Financial Transparency: Real Property Management provides detailed financial reports, giving landlords visibility into their investment performance and cash flow.In conclusion, Real Property Management offers a comprehensive solution for landlords and property owners, helping them maximize their rental property investments while minimizing the associated challenges and risks.Managing Tenants and PropertiesTenant screening and background checks.Finding the right tenants is crucial for a successful rental property.

Are you in investment growth mode or wealth preservation?  

Treat it that way and you'll preserve your 1031 option.There is a safe harbor in Rev proc 2008-16 but that is not the statutory requirement. 

They eventually go to buy NNN properties as are more now in wealth stabilization to preservation mode outpacing yearly inflation by a factor of 2 to 3 times in the safest assets they can find.)2.

On the other hand, though, if you look at "affordable" housing choices---single family residences vs. multifamily units---multifamily is the financially economical choice, which is why I think there is a strong argument to make to preserve multifamily for long-term rentals.As for systemization...yes, you need to treat it like a business and systematize.

County policy is to permanently preserve what's left for future generations. 

This approach would allow you to preserve capital for potential future investments or unexpected expenses.Property Valuation and Equity: Given the high property valuation in Los Angeles, it's understandable that pulling out equity for another property might be challenging in the short term.

We operate within small margins so preserving them have been key.

Further into the future, most scenarios show them being very lucrative for my intended purposes.The long-term goals are, in order of priority, 1) create another income source that will help through my retirement a few decades from now, even if short-term cash flow is minimal to moderate, 2) explore ways to generate more than that minimal amount, so I have enough extra cash on hand to boost savings, help out my family, and reinvest into these and potentially other properties, 3) help to fill the dire need for missing middle housing in this city and contribute to the improvement of these neighborhoods' conditions while positively impacting and preserving the neighborhoods' characters.At this time, there is no plan for this to become more than a side gig to my full-time career, but short-term I'm looking at testing the waters to see if this is a viable and tenable use of my efforts and money, and maybe if it's enjoyable and successful then a few projects down the line I'll reconsider it being only a side gig.