thats a question best researched with a RE attorney who knows tenant/landlord laws, and probably worth speaking with some local PM's in the area as well about their experience. 

Can anyone offer me their thoughts as I begin to research my options? 

Before you get into the game, it's best to research and know your market first.

I've been researching and studying the market in my area (Los Angeles) for a couple years now and have hesitated to make the plunge on any purchases.

Use your free time outside of work to research different markets so that you will be ready to buy a cash flowing property once you have your down payment saved up.

I would recommend you do some market research on Zillow and pull up the for sale and for rent listings on the same screen and then do the analysis to see what subdivision meets your criteria. 

The proforma will have numerous data points that require research: rents, operating expenses, city impact fees, build costs, soft costs A&E.

I like the sound of this I will do my research and establish a relationship with a local bank.

I honestly don't even know what syndication deals are, but I'll research that tonight. 

How have you gone about researching any market, remotely?