It's not uncommon for fences and other property lines to be out of alignment with the official record.

Listen to podcasts and read books on different strategies and you will start to see which strategy best aligns with you.For me, I want to build wealth through long term appreciation in a sustainable and scalable way, in a market I know. 

Additionally, the financial component of security clearances are focused on much different things than a rental background check.

In short, you are not getting an off-market or wholesale price and you are getting locked into a continuing business arrangement where, typically, your manager's economic interests are not aligned with yours. 

If it is for retirement purposes then I would not worry about cashflow properties and would focus on properties that will appreciate over time for the day you retire.Once you have your goal of how your life looks then build your strategy of purchases that align and match your goal.

@Nick RuffiniI am NOT an SEC attorney BUT that sounds like a slippery slope.Find a team of operators that allow qualified sophisticated investors to participate in their syndications.506b allows you and you friend to invest (separately &/or together) and it's 100% above board if you qualify as sophisticated.Really get to know each-other (it goes both ways), build confidence and trust over time; learn the business inside and out and when they present an opportunity that's aligned with your criteria - invest alongside of them.The SEC requires them to have a substantive preexisting relationship before collaborating on an investment.

Go to www.NARPM.org for quality PM companies from there I would vet them to make sure your goals align with theirs and ask the tough questions up front How many people work for your company ?

Once you understand the different strategies that exist it will become much more clear which one(s) align with your goals.

@Jeremy KarnesThere are several ways to build wealth; I'm from the school of go big with syndication & skip the SF Rental.Having said that a house hacking a 4-plex could give you cash-flow and management experience.I'd go that route or I'd get to know, trust, and align myself with a reputable team of operators and:A) Qualify each other and build a substantive relationship so you can begin to analyze their deal flow and ultimately invest in 1 of their opportunities. 

Does this align with your target sale date?