ITo protect your interest always serve the notice to quit the first day you can this way if you need to proceed with a full blown eviction you have already taken the first step. 

I'm a SF Bay Area investor looking for an agent in southwestern Houston to be my eyes and ears in the region.  

Talk to neighbors and ask they keep an eye on property and you will find a great new neighbor to replace the problem ones.Cutting corners when unknown occupant in Bar area of CA is not a good risk / reward.

Been quite an eye opener. 

Also, in my eyes waiting the full 2 years for the capital gains tax break seems like I might not make as much money, as opposed to trying to do 2 live in flips in that time.

It is those guys protecting themselves from tire kickers and time wasters.  3.  

Generally if you are looking to make money quickly then a flip is what you might want to keep your eye out for - however, if your looking for longer term cash flow, then you may want to buy and hold -both have their pros and cons and risks and rewards.

Let's say I'm a young married couple, I have very few assets to protect and I'm looking to purchase my FIRST rental property.  

The trick is finding a team of people you can trust, using layers of protection and advice, and making sure everyone else makes money so they are happy and want to take care of you.If you think about it, unless you're a super handy guy or insist on managing your own properties, you wouldn't need to go directly to your own property even if it was right down the street.

Even though rates and down payment may seem high, if there is any legal trouble associated with that property, you can sleep at night knowing you and your personal assets are protected.