Thankfully we got it at a price that affords is these lessons... not that I want to be learning them this way, but hey- that’s life and business.

About half our applicants don't have income that meets the 2-3x rent threshold, even with positions in architecture, software engineering, etc. which is an indicator that we're approaching the upper limit of what people can afford. 

I can’t really afford a property manager but I’ll try to think of something.  

Other legal protections afforded by the LLC are a bonus, but I fully realize that I can be sued as long as the property is in my name.

One nice thing is that you are in the "sweet spot" as far as liquidity/affordability ($1mm - $1.5mm).

As for physical property, if you live in or near an area that's reasonably affordable,has a good economy (for example if 80% of the town works for one employer you might want to stay away from there) and has fair laws pertaining to landlord/tenant issues I would look into actual property.

I am starting a new job in several months, and expect my W-2 income to increase >200K and will help me afford repairs easier -- but in the meantime need this property’s costs to stay somewhat manageable.

The barrier to entry is the purchase price, down payment needed and affordability of the monthly mortgage payments.

My properties are out of state and until I reach 5K in monthly income after expenses is when I'll be able to afford CA based on my needs. 

Otherwise, it will indicate an income limit which you cannot exceed in order to qualify. https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-mapdisclaimer - fannie mae has a program very similar, which they are making changes to effective July.