Over the years, I’ve learned that offering tiered returns can be a win-win strategy—it rewards investors for their level of commitment while helping us maintain flexibility in our business.

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In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

I don't ever recommend someone buy a property having never seen or been there.It sounds like @Dustin Hagemaier would be a great resource for you.

Out of state offers lower price points and more landlord friendly areas in general (i.e. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

A non-franchised Broker with six agents won't have professional training and resources, so a new agent won't be trained as well and will struggle to get started. 

I will be quick to admit I have only had experiences with small rentals (6 units and smaller) so if you are looking for help on larger apartment complexes I would not be a great resource.

Analyze deals, build your network, and educate yourself constantly.If you have access to unique resources (like a VA loan, FHA Loan, or 401K), use them to your advantage!

Your son is likely paying more than the property is worth, by definition, as the seller would almost certainly prefer a similar offer that was not subject to.