Set real expectations with your owner. 3.

I'd also partner with a lending company that understands how this is going work, and what your plans are.And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly. 

Purchase price: $417,500 Cash invested: $37,575 Technically a single family by zoning, though set-up to be a duplex, with 3 beds and 2 baths per unit.

In my case, I have residential rentals in one LLC, commercial properties in another, self-storage in a third, and my real estate company operates in a fourth.

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

Are you set on MFH or are you interested in SFH as well? 

Sights are set on all types of REI, but this will be a great start for us.I have been in the mortgage business for over 20 years.

What is the quickest and most feasible way to transition from living there to setting up this house for passive income: leaving a property manager or somebody to take care of it!

The SMARTEST thing I did...was follow a "who" not a brand or company or model or some "thing". 

Anyone have any experiencing getting the city/utlities company to add separate meters?