This group does a great job of putting on networking and speaker panel events that covers a wide-array of multi-unit topics: evaluating property, financing options, risk mitigation, property management, AirBnB strategy, 1031 exchange, etc., etc.  

Hi @Dee Tatum, you'll find that this varies widely from landlord to landlord and there may be stipulations on this in the California Landlord-Tenant laws so a local property manager would be a good friend to have here.I tend to do an up-front pet fee of $300 on my rentals (monthly rent between $700-$1,200/month) and no additional pet rent unless the person has multiple animals.  

We want to go into this with eyes wide open and a solid plan in place.

@Jim T. if your unit is not a single family home or a condo then it is already under state wide rent control (AB1482) which will limit annual rent increases to 5% + the Consumer Price Index.

The redundant phrase “close proximity” is widely abused in real estate circles and is probably too far entrenched for IRV to reverse – but we will keep fighting the good fight – proximity is sufficient folks!

We are acquiring 2 acres not too wide but deep.

That could vary widely since I'm not familiar with selling Real Estate in MI, but 8-9% of the total value of the house is very likely double or triple what you'd pay in closing costs on a refi (again, just a guess). 

Also not considered LA City from a rent control perspective so better upside under the recent state wide legislation.

Hi Damaso,SB-50 will be state wide if it gets voted in. 

Up to this point I’ve only been involved in the retailing aspect of RE, so reading some of these threads like this one are awesome, because they allow me to go into this part of RE with eyes wide open.