Even though I don't think there's a way to get out of this without taking some sort of loss.    

As a general rule, it's best to learn how to handle problems before they become problems. make a list of the potential problems you could face as a landlord: rent rates, marketing, collecting deposit, late rent, unpaid rent, abandoned rental, early lease termination, unauthorized pet, etc.

If I proceed, what’s the best approach for financing, including downpayment and loans?

Requiring all occupants aged 18 and older to fill out an application serves as a way to further vet the individuals who will be residing in your property, even if they aren't directly responsible for paying rent.

Best of luck in your investment journey.  

At 6 or 6.5% Prices are still WAY too high!!!

I grew up near Chatsworth but don't know any professionals out that way. 

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

@Sahar Bracha usually best to start with a PMC, not an agent:)

What would be the best way to approach this and the best way to get started?