Eventho it's the same person I would use 2 leases.. you are adding liability if you combine both units to 1 lease

Everywhere I go they ask for W2s that I don't have and the ones who are ok with not having W2s say "it's ok just get your tax returns then"On top of the lack of tax paperwork my houses are also only worth about $45k each so I would need to combine all 3 into one loan and that's limited me quite a bit as well...

For example, a lot of the duplexes we are seeing are 140K+, but the rents may only be $1.6K combined.

The spaces are a combination of mobile homes and RV’s.

The individual issues are surmountable, but it's the combination (flood plain + low rents + lack of appreciation + bad economy + violence on the street) that made up our minds.

Since then I decided to bring on a partner (who's happens to be a realtor) to share in the work load, expenses and profits(50/50) and also hopefully use his financials combined with mine to procure another construction loan.

Since this a foreclosure, we’ll get the deal for $400K for both apartments (instead of the combined appraisal of $786K)My friend expects to sell the lot for $600k in the next 6 months, so after taxes and all fees it will be $180k profit but we’ll have to split between the 3 of us.

It's definitely a city that has been booming recently.When you say your expenses per month are $1910, is that PITI (Principal, interest, taxes, insurance), and HOA fees combined? 

Combined with the 1% base rate, most property tax rates in San Diego County are somewhere between 1.02% and 1.19%.

Food for thought.Another option that I have investors employing now is a combination of separating cash and debt to create an environment of lowered risk but good return using the 1031 exchange to separate debt (risk) and cash (security).