Hire a company/person that is solely a QI like @Dave Foster they do it every day and will keep you legal and on track. 

Either would be a great option; I'd probably choose Roseville because it's more established, but the City of Elk Grove deserves a lot of credit for its impactful growth programs, so it wouldn't be a bad option. 

I would not credit for laundry, I would price in line with not having a laundry if other units do.

And historically, real estate has a proven track record of appreciating over time.

I can’t lie, I felt a little jittery stepping in, kind of like I was about to bet on a horse race without knowing which jockey had the best track record.

YUP minimum requirements.. although you would be surprised how many folks cannot get a bond because they lack credit score.. this will weed out the really poor players and give state a vehicle to regualted those that violate the laws without all the grey area currently.

So I get this referral from a relative about a tenant who has good credit score, no criminal history, and a good paying job.

That affects your credit for instance.A better way to look at it is voluntarily making the mortgage payment for someone.

I would not envy investors who participate in this vehicle when the team has not track record of success with it. 

With 179 you are going to be limited based on your percentage of business use with the vehicle (so still need to track mileage), and if you go under 50% business use you can end up with a recapture of your prior 179 deduction - income with no related cash flow is always a bit uncomfortable!