I'd recommend somewhere other than California.As others here have said, buy your nice house, pay down the mortgage, relax. vaya con dios amigo.

Plenty you can do, even at 15.I think a guy your age for example could develop a nice small business of iphone consulting. 

To get above $700 your typically looking at a very nice 3 bedroom unit, possibly a side by side to get all the way up to $750.

There are some challenging areas, but also some great areas that we think will appreciate nicely over the next 10 years.

If so, it would seem like selling all and scaling up to a nice multi-family asset might be a good option to look into.

In this particular situation the rents were guaranteed by a local organization that placed the ex-convicts so that was a nice setup.  

On one hand, it is nice to have some bookings to send forward, but the flip side the bookings could be crappy ones.

You could go into NJ (although the cost to play is high in Northern, but the rents can be very nice), or you could bypass and head into PA near Delaware Water Gap and get low taxes and good renter options.

If the house is nice, it will attract applications. 

Would be nice to work with one person for both.