If you don't know what I'm talking about there is a much higher probability of getting burned.

Multiple landlords had been burned.

For liability issues I feel like people can injury themselves in a number of ways like take a tumble down the stairs or burn their hand on stovetop so a simple treadmill doesn't seem too dangerous to me? 

Finance starts getting burned on these, it starts hitting a certain "temperature" level, I assure the criminal charges will start happening.

It's hard watching them burn both ends of the candle and knowing that they could've gone to "better" schools, but I wouldn't change it as I am so proud of who they are.In the end, they should inherit a lot more than I did. 

You can't find a good PM and if you self-manage (which is probably the only way to make it work) it will burn you out.I had an old investor on our of our RPA lunch&learns who told us in the Q&A that he has been renting and self-managing a sizeable section 8 portfolio for over 30 years.

Talk with the neighbors and find the house burned down and then the lot cleared. 

WLI as a strategy seems more aligned to high net worth individuals who already have $ to burn, already overfunded their Backdoor Roth IRAs, HSAs, and R/E investments versus the average investor that’s still working to reach $18k/year on matching 401k dollers.

If you want to find people who will try to help you lose your money, telling them how much money you have and where you will be is a good way to start.You are limiting yourself way too much by focusing on LA, but with $2 million to burn you could likely find some good cash flow if you are paying cash, but you don't sound like the management type just from this.