I also find that I typically help at least one friend/family member with a transaction each year (which will cover the maintenance costs of my license indefinitely, moving forward).- Yes, there is increased liability; however, if you take earning your license seriously, it doesn't take much to understand what must be disclosed, how to disclose it, etc.

Single family residence in Los Angeles (built in 1962) has only 1 covered parking spot, and a second cannot be added.Do I have to comply with current parking requirements (2 spots) to add a detached accessory structure for storage etc. 

If you can't do that then a HELOC is probably the best bet, but make sure that your rent will bring in enough cash to cover both loans.

seperate accounts seperate check books...)Isn t just getting General liability insurance sufficient to cover your liabilities ?

It's a guaranteed rent payment on the 1st of every month from the housing authority assuming their voucher covers 100% of the rent and usually get just slightly above market rent for each unit.If you have any questions feel free to shoot me a message.

Deal with local real estate brokers who has insurance covering property management.

It's possible that you'll make mistakes which won't be covered by your insurance.Rates and all that is very last thing to think about.

And somebody told me that your net worth has to be able to cover the loan is that true ?

The place needs work on the roof, electric upgraded, HVAC, etc. 

Even though I am not the original owner, should I not be covered for any potential repair costs?