My cash flow was non-existent during school, and only recently have I been able to consider moving forward with this dream. 

Most of those areas you have listed have schools that are in pretty high demand with low inventory making them more expensive.

I have a wife who is working on her realtor's license and is an elementary school teacher by trade.

I bump into a rundown house on a big lot in an excellent area, located between two great high school and very desirable community. 

I collect apps and fees, then grade them based on a number of factors- rental history, income, credit score, reason for leaving their last place, reason they want this apartment/area (close to school, work etc), whether or not they smoke, if they have a helicopter parent (I rent to a lot of students), how long them plan to stay in the area/apartment, when they need to move in. 

I was thinking about letting my kids live here and doing my normal routine here, letting them remain in school here, and just going "home" 4-5 nights a week and coming back before they wake up.

(are they empty nesters, are they over 70 years old, or are they parents with kids in school)4. do you know any of the homeowner occupations? 

I see you are in Sherman Oaks as well and that you own surf schools.

Obviously this is a simplified transaction void of preliminary title report, title insurance, inspection, BPO, appraisal and escrow fees.So what are the minimum qualifications to get schooled or even mentored in this business?

I've not seen the house, but know the area and it is a good area (B-/C) near the airport, schools are meh to bad (4, 4, 2).