What you described can be done a couple of different ways, paperwork-wise. 

I'd obviously want something durable, good value cost-wise but also appealing to renters.I'd appreciate your input!

You will have a better chance of getting financing, distribute the inherent risk of real estate investing, and have multiple incomes to pay rent (lowering your contribution towards rent).However, you would be wise to have a in-depth discussion about this with any partner you take on.

I also own two businesses in Oceanside so have a close eye on what is coming to the city business wise in the future and its very exciting.If you want to chat more I am always free to share info with a fellow vet. 

That's not a wise choice.

Between the leases, the tax return, and your own pulling of figures as @Curtis Bidwell outlined well, you are in good shape records wise to run your deal analyzer. 

The property is probably the best in the neighborhood ($-wise), but only due to extra buildings on property. 

I've started to accept that, and I think most experienced investors would agree that it's wise to stick to your criteria, and rarely waver.

@Peter Bowen you sound to be in a different position than Devon, skill wise.

Probably a bit far from you drive-wise, but I'm sure he works remotely.