That may come into play if it turns out that the landlord neglected to comply with all the requirements related to residential mortgages.

Not sure if this is a related issue or where I should direct this to.

Your skills are as a CPA not a realtor so that should be a fairly easy answer, and it is not mandatory to have a real estate related job to invest in real estate. 

I doubt any future downturn would be directly related to RE, so that's not what I'm saying at all. 

Even in the relatively few instances where you could partner with your retirement funds, the reduced flexibility and increased risk of a PT may not be worth it.

@Joe Benson Depends on your budget, your time and goals related to cash flow and appreciation.

Great intro to all things rental related)Building Wealth One House at a Time by John Schaub (As the title would suggest, it caters to new investors.

Care and feeding is relatively simple, and the duties are defined in contract instead of fiduciary duties. 

I've learned to not have the final payment be relatively small.  

A few considerations:Cost - I anticipate having relatively significant resources and want to live in highly desirable locations, but at the same time, I want to cut costs significantly from my lifestyle in the LA market.