So with that my vote is for a single family homes where you have complete control.  

As for raising rents to market… if the property is in CA and has been a multiplex for over 15 years the property is covered by CA rent control.

Efficiencies and control when investing locally2. 

I was a Developer Controller for projects that ranged from 5 Units to 150 units.

For example, If your GC tells you he will have the job completed in 1 month, every day he goes beyond that deadline (besides for "unforeseen" circumstances beyond the contractor's control such as weather and permitting) can be an additional $250 credit off your original agreed amount.  

AS long as you have PCF, you could have 25% interest, and if your DP didn't change, your cost would remain limited to the DP.The correct way to look at all of this isn't "what does a property cost me to own", but rather "what does a property cost me to control".Now, the interest rate DOES impact the CF, but as you've already noted it would take 42+ months just to break even. 

Having a PM doesn't mean that you give up control of your property. 

But it would be a home run if I could get the water cost under control. 

That's just something you cannot control and successful investors typically like to control as much as they can to make investing a science vs. just hoping for best results. 3.

With CA rent control, how can I get market rent - tell tenants to leave or what else can I do?