My landlord insurance will have to cover the costs of fixing the interior like replacing carpet, interior painting etc.

Handyman after guest vacates replaces toilet, breaks old toilet to find vape in toilet.  

Eventually, I’d like to start using the cash flow to pay myself and work toward replacing my day job income.

That's why it sort of replace the need for a checking account.Every tool has it's function.

Unless new companies create replacement jobs in the city requiring similar skills and pay comparable wages, your tenants may be forced to take lower-paying service sector jobs.

I'm not sure which one I have to replace, if any. 

Yes, that makes perfect sense, especially in such a large transaction to find the replacement property.

It usually doesn't cover for full replacement of your property.

Thus, they are more apt to be torn down since they are in central locations and larger projects can replace them.With regards to the general BP poster or reader, doubt most of us are the $100mm to $300mm investor range to consider taking advantage of these properties.Looks like you're in California. 

Always ask, could you be replaced by a realtors listing?