I would recommend doing some more research of the allocation of the average retirees retirement accounts.

I allocated the whole morning of Friday just working on the business.

Looking at a portfolio from a holistic point of view, The ideal allocation I like is 50% real estate, 30% your own business/investing in private businesses, and 20% stocks.That said, without leverage, the S&P 500 will generally out perform the real estate market in the LA and Atlanta as your can see from my chart below.I also agree with @ J Scott that you must specialize and focus, rather than diversify.

If you are still worried after analyzing these factors, you need to focus on asset allocation.  

if my memory serves right, the big 2 NO-NO's where landlord getting paid extra rent and extra un-approved(by HA)/unlisted on the lease tenants.Please allocate the time to call them (HA)!

Berkshire Hathaway was a company he purchased, not started.In line with an earlier response, he knew how to acquire investors, organize funds and where best to allocate it.  

Getting initial reserves ready won't be an issue thanks to my wife and I making much more at our jobs than we currently spend.Hey Aaron, regarding reserves - for smaller properties (ie 1-4 units), most people don't necessarily allocate a percentage above and beyond what you would for CAPEX.

Your options and what makes sense will be based on if you only want local or you are willing to buy in other areas and even states.How much time you have to allocate to your invest is critical as well.

Christian -That's exactly correct...Btw, Vanessa, in the real world, when most people discuss this concept, they'll talk about "allocative inefficiency," not "deadweight loss."

we have to use what is reasonably certain than compound forecast and assumptions exponentially. some may argue that estimating a 3% increase in a rent control environment is excessive but general price increase is at 3% hence that is used for both cities.Also, although 45% expense is estimated for both cities it can also be that expenses are actually higher in LA than Baltimore, so actual expense in Baltimore may be like 35 or 38% which is totally feasible.Well, we let property management worry about managing properties within their allocated budget right?