(With invested capital, this matters, plenty of people are worth "taking a shot on" in other capacities, just not with respect to managing my money).2) "Is this investment where I'm giving you money the top priority in your professional life?" 

It’s the simplest way to get a feel of what it is like to be a landlord without going through the hassle of managing rehab projects.

I'm a local, CT based investor, flipper, and property management company owner.  

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I've managed a number of successful rehabs and put a lot of sweat into them as well.

Until then, I'll be trying to absorb everything I can to fine tune my approach and prepare for managing REI business post-acquisition.

The state will get its pound of flesh and my liabilities were better managed by executing perfect permitted work and excellent insurance.I'd sincerely recommend having a savvy CPA, Lawyer & Insurance broker.

You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management.

Maintenance is one of the biggest challenges, maybe even #1, in the Property Management industry.Seems maintenance is, Never Fast Enough for Tenants, or Cheap Enough for Owners!

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.