It's not a question of the leverage on the asset, that's a function of the borrower's capital reserves and the cost of the leverage.

The value is in some way a function of income/income-potential.

I'm expecting the property manager to follow through on collecting repair costs and unpaid rent, going to collections or representing us in court if necessary.  

I'm not an attorney nor have I ever done anything like that but I can totally see a tenant your trying evict coming to the court room claiming deceitful practices because you pretended to be a common neighbor meanwhile you were the owner.

If I were you I wouldn't worry about this old man taking you to court for denying service when he's clearly being inappropriate.

The reason I prefer an actual attorney in lieu of a national service is the local court will hear the case not the national attorney in another area or someone that does not specialize in something like real estate law.  

Depending on exactly the situation, the investor may be willing to pay you some money for your efforts as they may then be able to get title to the property more quickly and avoid court costs. 

have you ever been in sales.. have you ever sold cars... do you know how to qualify present and close do you know how to ask for the order.do you understand the escrow function.. do you realize selling real estate in CA without a license is not legal.. how are you going to get these leads.. if 997 is stretching your budget then your only course of action is bird dog.. talk  pound on doors.. but even that takes time and car and gas money especially in LA..being with limited funds and doing anything real estate related in California is a pretty tall order with a failure rate I suspect at greater than 99%.I think if you want in the industry you should apply and get a job as an assistant to a top producer get PAID to learn .. save your money.. then think about next step.one thing I have seen in my years is starting real estate agents who get on teams work for 3 to 5 years build their confidence and bank account then go out on their own.. many to start their own business in 7 to 10 years.Also if your VERY detailed oriented one other way to be self employed is to start at a mortgage company and learn how to process loans..

@Jason MaFunneling potential leads is a crucial function in your pipelinle.

Once the QT cleared the court and I had paperwork in hand, I lowered the price to a level that I feel is still sell-able with a little wiggle room for negotiation so that I still make a bit of profit.