Each property in each market are connected to eachother, and the plan would reflect how.The key to a plan is it involves specific steps that are connected, with the $$$$ details of each step spelled out. 

@Tracey St.JulianYour contract should spell out what happens in the event of an appraisal shortfall from the contract price.

After you buy it, you can talk to him and also serve him written notice that they are in volition of the lease (assuming they are) and they have X days to get back in line with the lease or X will happen (should be spelled out in the lease. 

In the purchase option, It would have to spell out the purchase price. ie, is a set dollar amount now or based on a future appraisal or???

I sent her an email reminding her to pay the outstanding rent plus the late fee, and a move out letter spelling out all her responsibilities to clean up and return all the keys/misc.

Your stated intent, past practice, and unsolicited offer all spell a 1031 to me. 

That should spell out the boundaries of your unit and what parts of the building you own or are responsible for insuring (limited Common elements).  

You would have your attorney draw up the operating agreement that spells everything out, so honestly this is mostly about finding a good attorney that knows how to do this.

Matter of fact I think the CA DRE frowns upon that.PS spell check is all wonky right now on BP so excuse my spelling and grammer as I pound this stuff out.. its the thought that counts :) 

Plus, you've got to find the next one so you don't enter a dry spell!