You cannot touch the proceed and you cannot control the proceeds. 

These are paid off, proven properties, and may be on cruise control.

Does anyone see nonapparent hazards, besides having great paperwork for my protection and control? 

We basically just notified the companies that the trustee on the accounts was changing from my father-in-law to my wife (the successor trustee) and she took over control of the accounts. 

Another thing that's not thought of often but while the EAT owns the property you are in control and getting all benefit of appreciation and cash flow (if any) while at the same time you still own your old property so you continue to reap the benefits of owning that property - appreciation, cash flow, deductions, etc).

SFR in LA are not subject to rent control.

@Neri Bermas There is no single answer to your question, as it can depend on where you live, and what you are looking to do more precisely. 

Require the Owner to sign off on construction draws coming out of escrow to control quality. 

Prop 10, if passed, would allow cities to enact more rent control, it would not require it.

Oakland has strict rent control laws, like San Francisco, Berkeley, and many other cities, however there is an exemption for both duplexes and triplexes when the owner lives there as their primary residence.