I would take some time and calculate whether the warranty is cheaper than your separate "savings" from your rental income allocated to cover capital expenditures.

The description says that the basement has areas which need mortar repairs, a leak in the chimney, and signs of moisture in the first floor bedroom, but you've allocated $0 for an initial repair investment. 

You need to include vacancy, utilities, repairs, CAPEX and management allocations.

It would be silly to say that a SFH rents for $2000 per month, therefore needs $200 allocation, but same structure across town with rents of $4000 per month, needs $400 allocation.Having said that, I wanted to know, for those with investing in SoCal, how much do you estimate vacancy, maintenance, and CapEx?

To be safe, allocate 20-25% against the gross income for both properties and then use the remaining numbers as the true NOI. 

You'll want to be careful with the allocations to make sure the investment portion can cover the reinvestment requirements for the sale of the condo. 

You need to include vacancy, utilities, repairs, CAPEX and management allocations.

Did you have specific questions on the numbers I allocated for each expense?

I'm 17 and wanting to learn more about real estate. I'm currently saving as much money as I can for a downpayment. Where would I store my cash? Checking, Savings or any other?

They can buy only commercial retail properties themselves to own directly, only invest in syndicates, or do a combination of both for their investing portfolio depending on their goals and comfort level to percentage allocations for each strategy.I am not a big fan of owning multifamily out of state especially the small stuff.