I love talking personal finance and real estate investing so I would be happy to help.

I personally would revisit your strategy of buying a negative cash flow property in SoCal, right now.

I 100% agree with the intent aspect and that is an important premise, but the fact is in this particular situation intent for it to be personal use has been confirmed (by way of a public post).

Quote from @Irina Badal: I heard for anonymity purpose it’s advisable to set up a personal residence trust.

I'm not an expert on California law, but I believe you are allowed to give a 60-day notice of termination for a substantial remodel.

Personal Guarantee: Will you require this?

I spent many years managing myself and personally collecting rent checks. 

Is 10-15 miles too big of an area when determining the unit count per person?

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!