I collect apps and fees, then grade them based on a number of factors- rental history, income, credit score, reason for leaving their last place, reason they want this apartment/area (close to school, work etc), whether or not they smoke, if they have a helicopter parent (I rent to a lot of students), how long them plan to stay in the area/apartment, when they need to move in. 

I was thinking about letting my kids live here and doing my normal routine here, letting them remain in school here, and just going "home" 4-5 nights a week and coming back before they wake up.

(are they empty nesters, are they over 70 years old, or are they parents with kids in school)4. do you know any of the homeowner occupations? 

I see you are in Sherman Oaks as well and that you own surf schools.

Obviously this is a simplified transaction void of preliminary title report, title insurance, inspection, BPO, appraisal and escrow fees.So what are the minimum qualifications to get schooled or even mentored in this business?

I've not seen the house, but know the area and it is a good area (B-/C) near the airport, schools are meh to bad (4, 4, 2).  

You also have a diversification in industries providing jobs in the MSA although a majority still come from health-care, schools, government and transportation/distribution, agriculture and research just to name a few.Why does it matter?  

There are 50,0000+ students that go to school there and housing demand is intense in the area.

Examples include: relocation, school district, size, single story vs two story.  

One other option is for one party to hold the title, and the other to hold a long term lease, which could be up to 99 years, with an option to renew.I learn this work around when I took real estate courses at the NYU school, and the Professor of my course, a pro in the business, served on the local real estate board etc., was also the leasing guy at his family owned real estate company.