All the options you are considering have merit, but not all may be a really good fit for you right now.

Each deal MUST stand on its own merit. 

Each deal must stand on it's own merit. 

.- I wanted to keep the yield of my labor/ideas, take control of my future, live through my efforts and rise or fall on my own merits.- REI was the only thing I could start doing right away, which I was also already somewhat familiar and could also provide enough income and growth to secure a financial future.

The value of this house is probably about what I paid for it back in 01, possibly slightly more, but because of the area, it doesn't really have merit or chance to appreciate. 

After two years, with housing prices in Seattle going down and prices maintaining or rising in Tacoma, this seems to have had some merit.

If you convey via a warranty deed and the original vendee/buyer shows up making claim for equitable interest, it is irrelevant whether his claim has merit, it still costs the new buyers money to defend.  

I was looking for feedback on the spreadsheet itself as an analysis tool, as opposed to the merits of a particular investment.

While SEC's definition of sophisticated investor is pretty vague, you have to make the best of it "...All non-accredited investors, either alone or with a purchaser representative, must be sophisticated—that is, they must have sufficient knowledge and experience in financial and business matters to make them capable of evaluating the merits and risks of the prospective investment..." 

Everyone seems to complain about the Property Manager, with some complaints having merit.