The GP gets a carry because they are doing all the work.  

If we found that the majority of the leases are month to month we would plan on sending the tenants a letter terminating the month to month lease and giving them a move out notice.

You find a HML for 70% LTV meaning they would lend you 70K, and your borrower agrees to carry the rest.

She could pay her rent portion to you and you would be responsible to make the payments and carry insurance. 

My personal perspective is that my single family rental homes carry far less risk than my stock market investments.

Save up for the downpayment or as seller to carry back 2nd mortgage for the downpayment.

A better question for estimating the future property tax expense, does the county use this year's purchase price to re-set the assessed value, or does the value carry over from last year's county assessment?

Send him a certified letter with the exact part of California code that sites security deposits must be returned with in 21 days.

There was even a detailed letter of what to do drawn up by a engineer.

If you can find a property that is for sale by the owner who is willing to carry the note for a year (or few), that will allow you to do the same thing without the hassle of a loan and points.