This is a common situation and I have accomplished it many times. 

If you've let these people utilized the land for a long period of time without restriction or legal documentation, you may have a long fight.

Up until 2002  options for the above two scenarios were pretty much limited to NNN properties and actively managed small group properties held as tenants in common. 

This is very common in California, as you are experiencing.Consider this:(Annual Cash Flow + Annual Appreciation) / Total Investment = ROIIf you bought the house (simple numbers) at $500,000.

Utilities are a big one and keep in mind that there is 4 of everything now so plan to save as much as the cash flow as you can to build up a reserve for when stuff breaks.

People interviewing multiple brokers are common, and smart if they don't have a good relationship with an agent already.

As far as this info goes you are missing monthly expenses, cap ex, vacancy, and utilities. 

I have seen legitimately better and worse by a wide margin as local area rents / utilities / taxes / building services each play a big role.Also, from a landlords perspective, it depends on what gets passed on to the tenants (e.g.

I would like a year lease but if month to month is more common and easier I will go with it.

Although in most areas Realtors will use a  common realtor created contract.