Our minimum loan amount is 50k and we have a look back period of 10 years are far as experience is concerned.

Since I'm the sole member of the LLC is there anything I need to be concerned about or consequences if I make a mistake? 

That is a concern I share, giving up the low interest rate and some cash flow on the LTR’s.

However, one concern with newbies is attempting to self-manage in high crime areas.

My long term tenant (a family friend) is moving out and I am concerned how to make sure I pre-screen future tenants effectively without violating any laws. background: this property used to be my primary home and had a very informal agreement with a family friend to rent from me in the mean time.

Lenders have liability in baiting borrowers, with disclosures, rejecting loans, in giving loans, or collection and servicing requirements, liability concerns are huge compared to real estate, violations carry ten years in prison and/or $100,000.00 fines, you better know what you are doing, and there are many brokers out there running small shops that have little if any compliance awareness.

Open to La Mesa and West Chula Vista, although I have concerns that they will be tougher to appeal to MTR.

They may be more emotionally concerned, but that doesn't mean they are better at the job.Why are millionaires and billionaires using financial managers, property managers, nannies, and maids? 

We are with you every step of the way……..until your check clearsplease do a thorough vetting of any investment you make, at least if it is a size where a loss will cause you concern.   

I think you are concerned about seasoning requirements for cash-out refinances here.