@Sean Ross  Yes, if outside of CA minimal management. 

It's the delay of tax payments only.

#1 What's missing is Profitability.....Pretty weird....I think both are either losing money or just barely hanging on to minimal profits. 

(btw my belongings in my office, like the rest of my footprint in the house, will be very minimal: this small desk, quality office chair, + desktop computer. my thought is i’d put the computer in a closet + leave desk out as a workspace for guests; alternatively i could put all office in closet.)

She choose to take a cash offer from me with a delayed occupancy for 2 months to give her time to move out.

If you also presume the interest rate will come down the next year, perhaps delaying cash our refinance is not a bad option.

I know this post is a bit delayed, but I just now found it. 

One way to try to minimize this is to eventually ladder your capital into several deals so that when payoffs come, sometimes unexpectedly, not all your capital is idle.

All it does is delay your tax liability.

If I were you I would lean towards properties with smaller landscaping issues if possible to minimize costs.