There are many agents out there, but it’s important to choose the right one.https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agentI love answering questions if you have any!

I've not yet done the math to determine which strategy would save me more money, but the big cons of this areNo primary residence, therefore slightly higher interest rates, 20 - 25% down (but depending on the market, this may very well be equivalent to 3.5 - 5% down in LA).Depends on the quality of tenant screening, but it's probably safer to assume that they won't take as great care of the property as I would.Probably need a property manager, professional or tenant.Either strategy seems to net me the same cost around $1,500 monthly, but I'm biased towards Los Angeles as I can rent to friends which solves a lot of the tenant/landlord issues.I'm not looking for anyone to give me all the answers but would appreciate any insight, food for thought, and constructive criticism. 

@Ari Bachrach , Here are specific answers to your questions: At the end of the year I assume I'll need to generate some sort of forms for tax purposes that show how much money each of us made.Your LLC will either file Partnership ( or S-corp tax return if you have elected to be taxed as the S-corp).

Most answers you’re likely to receive will need a big ol’ “it depends” qualifier.The best, fastest, and most accurate response will come from a quick phone call to several local banks in your area!

Short answer - if it were me I would self manage and I would have tenants cover utilities. 

Sometimes I have to leave a bit in the deal when I refinance if the deal isn't perfect.Short answer is let your cash flow decide how much you need to finance to get the cash flow desired.

The short answer is you should sell.

There is no right answer here but know there are other options too.In theory, all a conventional mortgage (meaning Fannie/Freddie loan) needs is just your income to support your debts. 

I've asked this question directly to several non-recourse lenders, and I can't seem to get a straight answer.

@Eric Benzenhoefer I don't think it's possible to answer that here.