I have no investment experience, only stock market and IRA’s, but I hope to learn a lot from professionals on this forum.

I also agree with No. 2, and I've seen some of my STR clients welcomed by their neighbors after taking over a ramshackle place that wasn't cared for.

Leverage will be reduced from the max available, reserve requirements increased and, typically, you would be required to use a professional property manager.

They do not care.

But, this being a larger syndicator they do have professionally made presentations and due diligence documents for you to look through.

Here is my list of the most dangerous real estate related investments for the “non professional” investor lacking direct knowledge  and experience in these investments 1.

Similar for pets.Especially in the city of San Diego, I would be careful about violating the tenant protection act.

Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

Several questions that will allow financial professionals/planners to help you make an informed decision include: what are you paying in rent?

I do own two triplexes in Scranton, and I will say the one issue is that you are going to be taking care of the utilities normally if they are not on separate meters, which could take a good amount of money away from your overall cash flow.