After buying these new rentals, he will still have about $90k in cash to spend on upgrades and furnishings.

My plan is to do small value add upgrades while I am living in it.  

Small upgrades or re-leasing to market rents could boost your cash flow and provide additional funds for your San Diego purchase.If you'd like, I can connect you with a lender or help you explore potential properties in your preferred areas to see what’s realistic within your budget.

Seems like you may need to upgrade the rigs or something kind of fun. 

The neighbors saw the STRs in the neighborhood as a huge upgrade over what had been there (run-down, neglected old houses turned into the best in the area)... 

@Roberta Allen - i purchased with the upgrades.

It wasn’t how I wanted to kick things off, but I worked with a contractor to get the bathroom fixed and functional.Once that was behind me, I focused on improving the building and maximizing income:I installed a shared washer and dryer for the tenants, a major upgrade that added convenience and increased the property’s value.I rented out the two garage parking spaces, bringing in consistent revenue.I also raised rents for the second- and third-floor tenants I inherited to be just below market-rate.

It’s worth calculating the total investment (purchase price + wiring replacement) and comparing it to what the property could yield after the upgrade.

We are only very moderately leveraged, but I am in no rush to change that and rather use the cash flow to re-invest either into upgrades (we are doing a ton of driveways this year) or more RE.I don't think there is a right or wrong way, like you said there are many different ways, I just find myself adjusting every year a bit more in that direction.

Many laundromats take card payments these days, which is very helpful in verifying revenue.Look at the lease terms – long-term leases with reasonable rent increases are important for keeping costs predictable, and can also be important for securing financing.Also, check out the equipment and figure out what repairs or upgrades might be needed in the near future.