A new site for NH foreclosure auctions just launched called Bid Pirate, worth investigating.

A duplex could be a great compromise that lets you start small, build equity, and learn the ropes while mitigating some of the financial risks.

Yes, the goal is to screen for good tenants, these guys were ones who slipped through.

On public websites, I see some options to acquire a duplex in central Los Angeles under $550K which would require at least another $50K of work if I do not outsource most of the labor.

Subchapter K is an entire area of the tax code. 

I would check the events page in your area for meet-ups on BP, I would check for local meet-ups in meetup.com, and I would get coffee with as many investors on this site that are in your area as you can to get the ability to showcase what you are willing to bring to the table for them. 

5 - What will the quality of the exterior finishes you will be choosing?

Send them a written notice of non-renewal, following your local laws about how much notice you need to give.

I specialize on STRs in the Tampa FL area.  

Spend the money for peace of mind now.Also, make sure you're getting paid for the risk you're taking on with the foundation issues.