In addition, a rehab deal OOS certainly contains risks and pitfalls for Beginner investors.

My business partner and I have done numerous rehabs, conversions, additions of units, etc. to force equity and appreciation in our properties.

In addition, Brooklyn is filled with young professionals and has a lot of fun stuff to do.2) I want an appreciation playI understand cash-flow near NYC is tough, so I want the appreciation play to be strong via the forced appreciation and via normal appreciation.

Also you vetting a tenant is crucial here:In these types of leases the tenant is responsible for paying not only the base rent but also all additional expenses associated with the property, including property taxes, insurance, and maintenance costs.

After 1.5 years I upgraded from my fourplex to a single-family home with an additional room that I rent on Airbnb. 

Additionally what could be good indicators to identify a good investment property in Bay area, which locations are currently suitable for such type of an investments within 50miles?

As a family we didn't want to spend much time "talking" about getting into real estate investing, so we just did it!

I don't believe there is any personal liability as an LP so investing through another LLC doesn't provide additional protection.

Know how you plan to handle the property in the future, whether it's selling, refinancing, or leveraging the equity for additional investments.Consult Professionals: It's advisable to consult with real estate professionals, financial advisors, and possibly a real estate attorney to get a comprehensive understanding of the local market and ensure that your financial strategy aligns with your goals.Given the unique challenges and opportunities in the Los Angeles real estate market, staying informed, conducting thorough research, and seeking professional advice will help you make an informed decision.

Licensed contractors run a business like a business and unlicensed do not / of day many spend more on unlicensed because they don’t show up after you pay them upfront, the work can be shoddy and end up hiring licensed anywaysOh go pull permit and hire unlicensed and if a deck fails YOU will be liable since you pulled the permit and in court when it comes out you hired unlicensed contractors and if something bad were to happen not only the financial liability but would you look good in an orange jumpsuit?