I just took all my real estate classes and am studying for the test now and was wondering the same thing as you. 

Just wondering if anyone out there is filing with someone who has more experience / precedent in this situation.

One of the applicants is a Section 8 applicant in the state of California.(1) I want to be conscious when screening tenants, I am wondering should I have them all apply at once and play $40 for application fee, knowing that only 1 tenant would be able to stay?

Hi @Sahil Raina I would suggest a LLC if for sure neither of you plan to live in it.

I've seen many people put a 3/1 or even a 4/1 into service and wonder why they're not getting any bookings.

What are you suggesting?

I agree with @Michael Bishop that's it's a good idea to first determine your investment criteria and then network with other passive investors like @Lane Kawaoka suggested for references.

I'm wondering if there are gaps I'm not seeing.

I would suggest doing the real estate tour, its really the only way to see what they have as many listings that are not on the MLS. 

My family and I are wondering what exactly the etiquette is when working with an agent and trying to find an off market deal.