I found a home for sell in a secluded area of Sherman Oaks, California ( southern Cal )with breath taking Views.

I said all you have is air and oppertunity bit*# and your breathing up all the air!

Eat sleep breathe Real Estate.

Real Estate agents, mortgage brokers and the media are always singing the "why rent, when you can buy" song, but only ever compare monthly rent to monthly mortgage payment - there's never a breath about property tax (2.7 - 3.2% here); insurance, maintenance, etc.

But in the next breath you mention all the disadvantages to apts vs SFR in a university town and I would throw out that a third path might be to leverage your property with the greatest equity and use the refi to purchase 3rd SFR staying with the model you know and like.Success is determined by your parameters alone.  

Alternatively, maybe find something on a part time or reduced capacity basis if you really need some breathing room. 

This states the home has been approved and available to be a rental.And some of these must be applied for every time a tenant moves.So check your state laws.There are Landlord Tenant Laws, Building Codes, and laws that are not laws at all but based on a Judge’s opinion of whether or not a tenant did wrong or not.For instance, normal wear and tear.Judges have various opinions on what they deem normal wear and tear.This is an Industry of thinking skills.This is an industry of holding your temper and implementing your lease agreement no matter what.You need to think like a Judge.You need to think reasonably.You need to be a good listener.You need to be in control.Once you buy a house you need to know how to keep that house and how to keep your tenants long term.You need to know how to be all things in order to keep your tenants happy, yet make them know the rules of landlording and how to be good tenants.I always say that one is only as good as the tools they have.You could be the greatest landlord in the world in mind and action, but if you don’t have the equipment, or the education, or the money to invest in the proper tools to make you successful, then you will never make it in this business.It takes my breath away to read the stuff on here by new investors.And I understand that how can they know what they do not know?

But take a few deep breaths first, make sure the snark stays here.Also keep in mind that a few bad reviews can actually be a good thing.

Your buddy has two options, Take a deep breathe and try to double up in the casino or take a step back and start educating himself on the world of RE.  

I can breathe with an ease now.