If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

It could also be due to rent controls or other motivation for what owners charge for rent.

So now you bought the goose-egg, and of course found a bunce of GC's who are happy to help fully reno the place, because that's all you looked for, a GC happy to do full scale reno, ignoring all items of at what rate, what speed, what cost controls, what references etc..

Funds that blend these various product types will offer different returns in line with the perceived (or actual) risk associated with the underlying.Another major variable is the skill and track record of the management of the sponsoring entity that controls the asset. 

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

He's expecting a discount on rent and he would likely feel entitled to more control because he occupies the property.I recommend you do not partner with him.

And that China-Taiwan issue is the only way to spiral that out of control.

That way it gives the tenant a sense of control while you are still able to get what you want. 

We get a few owners who "read an article that rents have gone up by 42%" and insist on pricing their units too high (despite our market analysis, experience, advice, and recommendations), so these units may sit for a few weeks in this scenario, which is out of our control. 

You may choose to avoid the entire west coast due to rent control, heavy regulation, or Tenant-friendly laws.Look for cities with projected growth, affordable housing, and the kind of tenants you want.