I do have a program that can close on a blanket loan in multiple states - they do tend to like to cap that at 10-12 properties or $1MM in loan amount per blanket loan.

As you're probably aware, AB 1482 caps annual rent increases at 5% + CPI or 10%, whichever is lower.

Like me I'm doing 100's of deals a day, I did 500 last week all 15-25% NET CAPS".

Quote from @Jonathan Greene: Never sell a high-performing property with no cap ex and low maintenance to buy another rental.

Why do you need a property manager to manage a long-term renter who lives near you on a new construction home with a builder's warranty and no cap ex? 

To start real estate investing, learn deal analysis, and understand key metrics like cash flow, cash-on-cash return, cap rate, and gross rent multiplier.

And what is going in cap rate?

Before maintenance/cap, insurance, misc 107% of rent. 

Although they can't leverage the losses to offset non-passive income, like someone with REPs, there's still the opportunity to use the Suspended Passive Activity Losses to offset cap gains on sale or offset other passive income.

Try not to have your PI payments exceed 50% so assuming 50% expenses and short and long term cap x you might be safe.