If you use that LLC to do both and you have not elected to be taxed as an S or C-corporation it will be treated as a Schedule C and all of the income will be subject to self employment tax.You can't have your cake and eat it too with an LLC or any other entity.

They each rent for $550 +/- monthly and people buy the buildings like hot cakes for $300k-$350k.

I am from Orange County, CA more specifically Anaheim.

Welcome, great to see a new investor with the basic RE know how behind them, it will make this stuff a cake walk for you.

Now, you can't have all the cake and eat it too, under any option or installment sale appreciation goes to the buyer, it can not be retained by a seller, even in CA.

Are you doing this in the Anaheim market?

I hate not having complete control over my property, which is why I won't even buy anything with HOA.I remember when we were looking for multifamily rentals here in OC a few years back and came across a fourplex in Anaheim that looked like a good deal (as far as GRM, etc.), then I found out it was on leased land, so we passed on it.

You're in the enviable position to have your cake and eat it too, since you can tap the equity of the irvine condo for the next purchase. 

Have your cake and eat it too...

Market goes through his inevitable cycle, at some point it is bound to hit the inevitable "frenzy mode" where Real Estate is being bought and sold like hot cakes.