., constructive receipt doctrine, effective control over nominal 3rd party relationships, lack of genuine risk bearing and compliance with transactional terms, etc.).

If the answer to both added questions would be "yes", then you have a potential goldmine here.Combining the seller's concerns, and the reality of a big down payment being a negative to the seller (see Q: 1), you should be able to set the terms, with a lower DP, and controlled interest rate, to have this property CF and,...be able to sell the package to another REI down the road,...as long as you buy this using an LLC (a new one). 

You may not occupy your apartment without electric service except during brief interruptions beyond your control.

Many of them struggle to relinquish control and delegate tasks to specialists who are better suited for those specific jobs.

Quote from @Gregory Wilson: This depends on what level of control you can exercise over the W-2 employer.

I would also be concerned with land rent going up over time, and having no control over that.  

Even worse, the investor has no control.

I need to investigate more about how to control a LLC or trust like you mentioned.

Understand Proposition 13 for property tax benefits, local transfer taxes, and strict tenant and rent control laws.

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)