If its a 20 unit multi family and you intend to self manage...then I would say yes...your school will suffer.The impact on your life/school really all depends on what your rental property strategy is going to be.Pals now ??

Just because they have a season (or life) of financial struggle doesn't mean they can't handle other life affairs responsibly. 

The saying goes that it is never too late to start, but I must recognize that I am starting late in my life.

Of course, life happened to both of us, and so here I am, starting from scratch about 15 years late.

Everything in life has a price Phat.

It just seemed like a no-brainer for me, especially given my stage in life (single 20-something with no kids).Also (and again, I'm new), I wouldn't put too much stock in the 1% or 2% rules if you're investing in California.  

Soon, I plan to be taking on my first commercial property to manage (tenant placement, rent collection, repairs, turnovers, etc).Since the person I am taking over for (the building's original owner, now 69 yrs-old) is a little antiquated and has no real systems in place, I'm wondering: what are some quick wins that would update and modernize how the property gets managed?

Even more often the landlord is in a better position to modernize the building as the departing tenant is forced to pay the landlord for the damaged building and tenant improvements that would have had to been replaced anyways.Also, they are the people printing the money after all.

Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.With a home of this size you want to sell life style and comfort more than anything else.

They sit in front of the TV and treat life as if it goes on forever.