AlexChoosing a property manager is essential to the success of an investor.

Rob is building these to appease investors (most of whom will likely never look at or even request this information), but some will, so he has them.  

But, in future if we want to develop any residential or commercial buildings on this land, would this rail road track going to be a deal breaker in terms of attracting potential developers or buyers or investors? 

If the deal seems like there's just too much work involved, you could also end up wholesaling the deal to another investor.

You can work at RE as many or as few hours as you want to....But do you want to help others buy/sell houses, or are you going to be an investor?

You could use a debt-service coverage ratio (investor cashflow) loan to get around the income needed, but would require that downpayment minimum still.

DSCR loans are really not ideal for first time investors.

California Clawback Provision - California Franchise Tax Board has rules about investors who sell and 1031 out of state.  

The San Francisco Bay Area housing shortage has prompted a lot of homeowners and investors to add Accessory Dwelling Units (ADUs) to their properties.

I had to go to zoning and spend thousands to get it legalized.Your situation seems as if it is zoned as a single family home, and it was split into 2 apartments with no building permits.He's selling the property because he has the wrong zoning, and is finding a bank or an investor who over looks the problems that will arise once they close.With the way things are with insurance, I wouldn't be surprised if your insurance company will not insure for two unitsgood luckGino