The IRA will need to have funds available to cover all the improvement costs in connection with the property.

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. 

That’s more about screening and your rental criteria (credit score etc) than about the fee. 

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 ?

The key is good screening but if you already have them renting just get any info you can about them.

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 ?