Any rules in place on contractors / vendors?

Justin, Ok first things first, on the surface it passes  the 1% test,  plus the 50% rule.

In the case of non-payment, breaking rules, etc., do I have to follow the same eviction proceedings as with any other tenant or can I just kick someone out? 

Either find a bank with shorter or no seasoning requirements, might take you a while, and by the time, 6 months or a year has gone by, and guess what, you met the seasoning requirements.I worked for finance company for a while, and they have simple rules to implement, such as income requirements, 12 months at the same job etc.

There's no perfect answer, because it will vary widely by location and the actual property. 16%-18% pre-tax profit (of sales price) is a pretty good rule of thumb.

We split all profit 50/50.Using super simple numbers to make the math easy.

There are rules about what can be deducted and what can't, and when you have to provide an accounting of the deposit and any remaining deposit to the tenant.  

https://www.tobenerlaw.com/oakland-rent-control/And the city's rules and regs:http://rapwp.oaklandnet.com/resources/faq/I'll be in Seattle for the next couple weeks, but hope to meet you in person when I get back or at the Summit :)

I am in a similar boat as you when I comes to family and how easy it is to get lost on the path to our goals. 

NOI rules valuation wise.I would highly advise all to read Multifamily Millions by David Lindahl.What I did wrong was I thought buying a yield deal would have been safer and I didn't follow David Lindahl's proven step by step path.