Hopefully, by year 3 the market will be good enough for a refinance as well!

If you're not sure of you preferred direction with your next property I would invest in understanding investing more thoroughly and read 5-10 books as well as speak to other experienced investors.

In the LOI, should I put my name and the buyer as well?

I picked up a home for $422k that does $8k+month in revenue, some months well over.

I believe I will just be taking over his insurance as well, or that is the intent.

There are a lot of idiots out there overpaying for deals right now...well...that always seems to be the case.

After all rape is just the word of the victim that it was not consensual sex, breaking and entering, well the door was already broken, every theft, every credit card fraud, well the owner said I could. 

We are being conscious of property tax on a vacant piece of land (our potential liability) as well as the potential capital gains taxes (their potential liability). 

Well since your an attorney and have taken the lead..

I’m ideally looking to buy that first property in San Diego.ThanksSounds like you're well positioned.