Don't just manage the business.

It's like saying buying at retail and trying to sell at high, high retail is a good idea because the old way is no longer applicable.

Specifically, how to go about managing unrelated persons living together per county or city ordinance and lease structure. 

Leasing out property to a management company.

House hacking will also give you some personal "property management" experience.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

We managed to get in at good price points with favorable terms on both of those assets.Happy to be a resource for you in the area!

Many years ago I was speaking at an IMN convention on a panel where the other three panelists had more than $1B of notes under management.

House hacking will also give you some personal "property management" experience.

2) You may want to get a quote from Hemlane (insurance broker) to see what the insurance is on the house as they should be able to give you an exact quote as an investment property, 3) I would also run your numbers with some property management (6-10%) included in case you eventually hire 3rd party property management.