This is completely fine, but if you were in this solely for investment I would place a lot of weight on your management strategy.

We had one house we bought in the hood for 7k, I send one of my guys, older ex-special ops guy, was over weight, limped walked  with a cane. 

The whole structure would have to be beefed up to accept the added weight.   

And we don't have any other money so I may just watch Netflix in 2015 and lift weights. 

In regards to buyers agents, I think the good ones are worth their weight in gold.  

#2: what's the likelihood the value will reach $300k in Perris, CA (inland empire) again#3: is it wise to pay down with $10k to make to remove the MI, lessening the monthly payment amount.

Let them take the middle of the night calls, finding contractors to service what ever broke Friday night, etc..Expect to pay 10% of the rent for a good manager, but mine are worth their weight in gold. 

Weight the pros and cons, know the market and comparable. 

His welding truck with all the weight on the back is super easy to take up the mountain.

If I decide to move forward, after discussing more detail about current mortgage (if any), property expenses and past details, I'm trying to figure out whether it is best to do a TIC or some other type of partnership to structure this deal to protect interest but lessen the liability as much as possible.