In my area, law students and housing authorities send "actors" out to walk properties and fill out applications in order to see who violates these laws and they file hefty fines regularly.The benefit of defining your criteria is that it makes it really easy to decide who you rent to, no more comparing applicants. 

If you're self-employed, the Solo 401k will provide many benefits over a self-directed IRA: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

There are more benefits to leveraging your money, which means putting a percentage down and financing the remainder. 

What are the benefits - and pains - of landlords renting out a property individually by room (not as Airbnb)?

I doubt your quad, with it's present appearance, will benefit significantly from exterior cosmetics.

If you find out that you can do a better deal with something else, sell the property and do a 1031 exchange for a multi-family (to alleviate capital gains taxes).

I am looking to Network, Learn and help those others as I gain Knowledge and experience while here.

What is the likelihood that the PM Company will make changes to their own management agreement to gain a client with one investment property?

You can overcome your weak areas by partnering with someone who is strong in them or going to work for someone and gain knowledge from them in those areas.

That could result in punishment that is way worse than any potential gain here.