But what if you have limited funds, even after budgeting, saving, etc, and will continue to have limited funds for the foreseeable future? 

So now I have three rental units, plus I also rent out a spare room in my personal residence.

I am getting a RLI personal umbrella policy from an independent insurance broker.

Only your personal credit score, photo ID and two months of bank statements are what is asked of you (as far as personal info). 

I would be putting up 50% of the funds needed to buy and rehab.

I should point out that I nor my 2 partners have given a personal guarantee on the note. 

thereby allowing these plumbing updates to pay for themselves).I've got the toilets and faucets all picked out (because I have personal experience with these and I know which ones are good) - but I'm not sure what to do about the shower heads...I know that shower heads are an item that can be the biggest money-saver (because these tend to consume more water than anything else).

Additionally, if you choose to occupy your rental property, and need to get tenants to move out, you'll likely need to Ellis Act the property which you'll need to pay tenants upwards of $35k+ per person to relocate and will eliminate your ability to use it as a rental for up to 10 years.

Personally, I analyze the residential units as guaranteed income and don't look at the commercial space at all.

Great question 1)  tenant is a serial killer (or similar 2) tenant is psycho and tries to sue me personally thinking I may settle and avoid litigation fees.