I agree with Laura, if this is a long term rental it would be hard to convince the tenants that they have cameras on the property that the owner controls even with all the stuff that you mentioned (does not turn, only for surveillance for crimes etc.). 

It’s flexible and can help you fund deals quickly.Lease Options: Similar to “rent-to-own,” you control a property with minimal upfront costs and can potentially get a cut of the appreciation if you decide to buy it later.Lines of Credit: If you already own a property with equity, a HELOC or business line of credit can give you accessible funds for down payments or renovation costs.House Hacking: This might sound basic, but if you haven’t tried it, it can be a fast track to building up rental income and experience without a ton of cash down.

Yes, there are things that are out of your control, but my personal POV is the whole "I need an LLC" is a little overblown.  

He's a really smart guy when it comes to supply, demand, rent control, and overall investing

I never buy condos for this exact reason, having someone else control my investment.

Most investors will also take into consideration risk, time invested, control over the asset, the ability to do a cash-out refinance, and other factors.

You have to understand your rights and maintain control of the situation. 

This is bogus if buyer and seller are independent parties (if the parties are associated then I understand setting true value) as there is usually a reason for the discount purchase (risk items like unpermitted work, crazy low rents in rent controlled area, hoarder, heavy need of rehab, etc).  

Do your research and visit any area at different times of the day to get a feel for the parking situation, noise levels, and traffic. 

But hard for investors to control what they invest and how long can we get the money back so I won't invest more money with them.