My involvement would go down drastically to where the only thing I'm doing would be funding the deals.  

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc.This part is ridiculous. 

Overall, while multifamily properties can be lucrative, they require careful consideration of the financial and operational challenges involved.

Decide how involved in real estate you want to be.

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Quote from @Kevin Gonzalez: Hey Carlos,Welcome to the party!

However, in emergencies or cases involving health and safety, we would attempt to contact the owner first and, if unsuccessful, proceed with the repair as outlined in the contract.Regarding the hot water heater, do you know if it genuinely needed to be replaced?

Investing close to home allows you to gain hands-on experience, learn the ropes, and be more involved in the day-to-day.

Look at the application, start pricing third party flat fee services for each step.

They don't tear things up, they don't party, rent is generally paid early, lots of positive attributes!!