Many nightmare stories about house next door a drug house, or issues with that location or street that would not be known until you visit

They've been on top of getting in touch with tenants on rent collections, given all that's happening with C19.

Real property is held outside the retirement account, and while tax is paid on income/rents, depreciation will defer about 30% o the income, and the new tax law may eliminate tax on another 20%.  

There are areas in the path of progress right now that are still relatively affordable and have decent rent to value ratios and are poised for long term appreciation. 

My provisional strategy is to put a room in a property up for rent while also living in it as my primary residence for a year.

Purchase price: $212,500 Cash invested: $50,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

They are typically the opposite of value adds in that they typically have a hands off cost more than the value added.Your broker is correct that Fannie/Freddie are not to use the rent from the ADU. 

For taxes, I have a small notebook where I keep track of rent, strata fees, insurance, repairs, etc. 

What is important is that you keep a good accounting of all the rents and expenses (Excel, Quickbooks, etc).

They won't manage any and every property so it'll depend on the condition and where it's located.