Do you mind me asking the geographical area that is 30 minutes outside of Austin?  

One could do this with any home that has a Mother-In-Law suite/unit like capability.To answer your two non-geographic specific questions:- HOA's are all over the map with regards to what they will allow you to do. 

Most of the fears or nightmares described in podcasts or books are just a description of their experience not doing their fue dillegence.On a final thought feel free to reach out,  I enjoy a Venti soy milk latte.  

But the description you give leaves me to believe that this is yours to pay.What you should be worried about is the fact that a potential bullet just went through a property that you own with actual people living in it, and the liability that you face if that bullet makes contact!

@Gulliver R. no one needs to be notified, Like Jeff said, it has nothing to do with the legal description.

If the property is out of your geographical area, having someone on your side who is local can be priceless.

The new tax plan is a boon to real estate syndications because 20% of the profits won’t be taxed, so you get a savings that way, too.That plan gives you exposure to potential remaining upside in CA appreciation via your primary home and rental A, and gives you geographical and asset class diversification plus some cash and higher cash-on-cash return via the sale of rental B.  

Here are some high-level description and concerns about the property:-The property is fully rented by the same tenants for the past 5 years. 

I also love your succinct description of the CEO role. 

If MLS can be exploited in your geographic area, you should go ahead and give it a shot, either by getting your own license or finding a savvy realtor willing to work with you.