Probably I'll use a property manager, but as I look further into the future and consider self-managing, I'm curious: how do you keep tenant and building issues from intruding into every area of your life? 

When it was smaller I was able to manage all of the lease details, rent increases, certificates of insurance, maintenance schedules, cams etc. using XL and my accounting team use the basic package of sage.

If you lose equity on the buy who cares about a on paper cashflow number that doesn't pan out half the time in real life after cap/ex/turnover/etc. 

I would recommend reading Scott Trench's Set for Life, John Bogle's Little Book of Common Sense Investing, and Gary Keller's The Millionaire Real Estate Investor (in that order). 

Or do they want to have a full rental and primary at this stage in life? 

Hi BP community,I recently turned 40 and my mid-life crisis seems to be manifesting as a desire to start investing in real estate.

As with anything in life, all about drive and commitment. 

I have had so many No's and disasters in my life as most people have to various degrees.

You're not signing your life away.

But if you're at a point in your life where you want something new, if you're itching to get out of CA and start a new chapter, then definitely get going!