It was difficult to find reliable cleaners and handymen at first but I have been operating for 2 years now and have found people I like.

I see many situations where one generation wants to buy out a prior generation or, more typically, siblings.

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

You actually met the guy in person and saw his office/operations?

You also are still in Los Angeles dealing with bigger numbers, which can generate wealth faster.

FlashlightTape measure/Laser measurePaper/Pen/iPadBinocularsReceptacle testerLevelMarbleDroneRespirator/Face Mask/Eye Protection/GlovesAQI testerWater pressure gaugeThermal cameraEndoscope cameraKnife Good list, in addition in my truck; ohm meter, megger, magnehelic, steel ball, air compressor  generator, plus stuff I'm forgetting

Because of the high operation costs we never add electric baseboard heat. 

What, if any, are the ramifications if the operators did no due diligence to make sure investors needed to be accredited? 

I learned from Dave, how to talk to potential investors, how to build rapport, how to answer questions and explain the company’s strategy and operations and the secondary mortgage industry.

As a rental strategy for non owner occupants, it absolutely is a fantastic way to generate the highest return, that's true.....but also, and most importantly, your screening has to be on point, and without that, it won't be as effective because one bad roommate can ruin the environment for the other roommate tenants.