The exit plan could change based on your decision.  

Inbox me if you'd like to see it)I contact employers, current landlord & past landlords I make my decision based on all information collected and my qualification standards (Brandon Turner talks about Qualification Standards in "The book on Managing Rental Properties"It's good to have a standard practice of evaluating every applicant the exact same way, so I wouldn't say that you necessarily have to run a background check / income verification on every prospect, just make sure that if you don't, it's because something disqualified them before they made it to that point in your screening process.As for the adverse action letter...

We make lots of decisions where the probabilities and outcomes are not very clear. 

Reopening decision will not be based on facts but will be determined on past practice in your jurisdiction. 

Once we hit the basement we saw foundation wall cracking as well as standing water from a recent rain and evidence of water seepage over many years.I did go to a very well-respected and well-known local Foundation specialists rather than an engineer simply because I knew one and I had less than 12 hours to make a decision on the property. 

There are others, but this is definitely the simplest.This would be one of the most passive options - you would give up a bit of your return in exchange for professionally rehabbed, managed props (though you still shouldn't be paying more than market for Turnkey) but you would have one company to vet per market, one team to build a relationship with, so it's a trade-off.

I simply need to get a hands-on feel for the tricks of the trade as I eventually plan to employ these various strategies in the state of Michigan.Anyone in the LA area that's willing to discuss further?

I have never adhered to the old adage "jack of all trades master of none".

@Cody M.Welcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

I could really use a mentor and advise me with my new trade and help me get to my goal.