I'm a retired 72 year old operations manager...who has more bills to pay than retirement social security income....can't find decent work....friends told me to try real estate investing....don't know anything about it but willing to learn......I'm a country person not a city person.

With that kind of property, you can probably expect to cash flow somewhere between $200-$500 per month after operating and financing expenses depending on whether you have any bad tenants or big projects over the next few years.

If this doesn't include debt service and you plan on using financing, I would make sure to look at carrying costs and see if you could sustain a few months of negative cashflow (assuming you have a plan to quickly decrease operating expenses). 

I have friends that own and operate a B&B in Cashmere Washington...but they had it built specifically for that purpose so they have their living area and then 4 suites they rent out and one commercial kitchen that is used obviously for the guest breakfasts and their personal use.You would want to check with your local (County or City) Business License-Permit Department to find out if you can legally operate a B&B in your home at the property you reference.  

I feel like I developed a pretty sound criteria for operating in the middle market.

I recently passed my RE exam, which I mainly pursued because of wanting to buy more investments, but I'm also interested in managing properties for others.I'm located in CA which requires one to have a broker license for PM, however I have seen a few PM's who do not have a broker license, but are owners of PM companies operating under someone else's broker license.I have yet to find a broker who allows this so wanted to see if anyone here has any information on how this works and where I should look?

Although there are pitfalls and possible headaches, if you read and understand the law and operate within those parameters you'll be fine.

Solid hardwoods will last you 50-100 years, if taken care of and refinished occasionally.If you have tile or a slab, or something else underneath, then I've been going with laminateBut if you got the hardwood use that.I don't know what the lifespan on laminate is, but it's not 50-100 years.

I'm a successful sales manager for a large company, and believe my sales and operational background will give me a good foundation to be a champion in real estate. 

For this, they want 65-35 split of the net profits and operating income with a 50/50 split on the investment.