The handful of rentals available that would accommodate us are between $1900 to $2400 per month.I am not familiar with the current market trend (UP or Down) in Paso Robles and there seems to be a very limited number of homes for sale (Which might be the reason the cost of homes is high).Either way, I have seen a few properties in the 330k-350k range that might end up being nearly the same monthly payment for a mortgage as the rent or $1900 to $2400.

Thus, even for myself, the most successful rental leases usually are associated with group housing where the shared expenses allow for easier accommodation.  

I have been referred to one local company that I am told can accommodate this type of project (replacement), Pius Kitchen and Bath (Seattle), and they have told me that I would be surprised at the low cost, but my concern is how quickly they can respond with pricing and delivery. 

@Tyler Brown, You're on the right track with the conversion from tic to LLC ownership to accommodate your partner's 1031. 

The units within the four family buildings aren't large enough to accommodate the lion's share of renters. 2-3 bedroom duplexes are best suited for the bulk of the current rental population, especially with the low barrier of entry with owner occupant loans.

However, your offer should be made to accommodate the taxes.  

Investors are among the cheapest clients I have ever met, and they don't actually know what they want, they expect you to read their mind, I am used to just follow procedure, it was a steep learning curve for me to accommodate, several trips to Home Depot helped me understand how investors/house clients work.

My life got  SO much better :) Honestly once I became the firm landlord, I was respected a whole lot more than "nice" accommodating one :)

That way you can build a team and wont be scrambling at the last minute to find a business that will accommodate your needs as an investor

Account ClosedWe have several student rentals and, as others have alluded, as an investor, would be looking for experience; managing students is a little different and frequently more involved than many other types of rentals.We would also be looking at your approach - are you taking the warehouse/slumlord avenue; aiming to be an accommodation/lifestyle service provider; or something in-between.