There's a definite ramp-up time where you're 'investing' before you get any pay-off - similar to flipping.I'd go to more REIAs / all the REIAs withing several hours of you. 

We cannot house hack as we have children and are situated in our own home right now.

My parents were able to pay for most of my college tuition, my wife's parents paid for even less.

Yes it was rent for three months and then tenant had to go with eviction process for not being paying rent due to job loss.

Pay a constable or the Sheriff to deliver notices of non-payment 4.

-your first tenant leaves when their lease is up and it costs a few thousand dollars to turn the property, and then you have to pay another full month rent in commission to find a new tenant.

But the house is only 10 years old, it's huge, it's in a decent area that's still being developed (Eastern East SF Bay Area), and it has the potential to earn us some money.Does the earning potential of the house make up for the headaches of renting in CA and having to pay a boatload of taxes on the equity when we eventually do sell?

In my county we have a homestead tax credit for owner occupied houses which limits your property tax increase AND you can pay your taxes in 2 installments .

The premium you would have to pay for a lock is going to be like a whip.

I would be inclined to do it for free if she’s your friend. i would be scared she had no plan to pay for the rehab when she purchased.How much money we we walking about?