Proximity is a plus for managing the property, but make sure to run detailed numbers to confirm the cash flow and long-term potential align with your expectations.

For the past year, listening to podcasts, doing research, and debating when the right time to start this journey, we have decided to get over the fears and just focus on the analysis and dive right in.

@Heidi FischerI just answered your question in great detail in a separate long post:https://www.biggerpockets.com/forums/51/topics/1220969-expla...

Buying a home is the bay area retirement planYes, there are a lot details and differences for everyone's particular situation.

Then I(we) control everything.I know there are details to work out, and I am still in the thinking/planning phase, while I continue to save money, but is this a conceivable plan?

HOWEVER, I recommend reading Stuart's advice above very carefully and perhaps soliciting his feedback on the deal in more detail before putting too much more time into it. 

So my numbers are right, my property analysis was correct, but the system didn't allow for any mistakes.

Can you send me the details? 

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchanging "doc" with "pdf" for more options.Here is an example and explanation: Sample EstoppelSome have a lot of legal jargon but this document does not need to be so detailed.

Consulting a CPA is a must to navigate these nuances.Double-check these details with your lender and CPA to avoid surprises and keep scaling smoothly.