I would discourage you from buying condos as they’re typically really High in HOA fees which is completely outside your control (major negative) and usually not investor friendly.

(Still cheaper than the furnace and you basically given the tenant an ability to zone control their heating). 

He suggested a Partnership called "Tenants in Common" as a way that you keep control no matter what you contribute on a property's price and have different agreements with all Partners regardless of their percentage of their contribution of the purchase price.Whatever you do just be careful, understand it, and feel good about the Partnership or anything put in writing that's a business liability of your personal involvement or responsibility whether it's monetary or not.Good luck to you!

Do you control that LLC?

Los Angeles is rent controlled. 

Great to see that you have such precise goals!

@Cayce Fedberg the main issue with investing in another market is that you have less control of your investment.

working so many hours at a software company and not spending enough time with my delicious two girls lead to realize I have to generate passive income if I want to control my time.

So it's cost me $75 and the management team acts like they have absolutely no control over the guys that booted the car, and they won't reimburse the fee.

Hot housing market means hot landlord's market (although note of the rent control possibility coming to light in San Diego).