It is one of the reason they want to rent not buy.On the other hand, I know of people that operate in a C class working neighborhood and they have lower standards because that is who their demographic of house appeals to .

Has your broker or owner provided list of expenses / operational costs and have you verified them for accuracy. 

Please get me the Operating Statements and Rent Rolls on both properties.

Making that note in my Standard Operating Procedure now!

It's the small, locally operated banks and credit unions that have the ability to make decisions in-house, they don't have to conform to a set of standards written by someone at a corporate office. 

Spell out in detail within the operating agreement of the LLC what happens when this happens, or when that happens.

Once you understand how your SD market operates as I do in my SJ market, you will likely not going to invest elsewhere. 

You don't NEED a real estate license to invest, but you do Need a good education, however, having a license IS a better way to operate in real estate and I highly suggest getting one especially in the beginning. :)

The count can be used to pull our license to operate rentals. 

If you're really looking to just place the capital and have nothing to do with the decisions or operations, you're really describing more of a RE hedge fund or other professionally run fund that targets a certain geography and strategy.I know of one local to me - minimums are in the low $100k's range with minimum 1y commit and bonus payouts for larger amounts and longer commits.