Mainly doing SEO, but also testing the waters with Facebook ads and google AdWords.

Or on the opposite side, you are buying a business so you can provide a service (shelter) and the land is mainly as valuable as the business opportunity the building provides.

This mainly means that they will want to tecnically have the full rights to the property, in the case that something happens and they have to then " own " the property , with the Repairs still needing to be completed ? 

Before I finalize that decision, I want to talk with other investors in LA to make sure this is the right choice for me.

Mainly looking at SFR and MultiFamily units.

Peter would depend what your current liquidity and net worth is along with your annual income from your job/business/current investments etc.Different assets are cycling at different points in time in different states.2009 was mainly coming off the bottom for the lower priced SFR assets. 

Main goal at the time was to move out of the city.

The custodian (not your friend) would be writing the check on behalf of his IRA.If he wants to be able to write the checks himself then he would need Checkbook IRA.And finally, if he is self-employed or owns a small business then truly self-directed Solo 401k would be the best choice. 

I discovered BiggerPockets while researching a novel I'm currently writing in which the main character is pursuing financial independence.

If you don't have an insurance agent i would google Trusted Choice and search by zip code for a local independent agent.