First, when it comes to the Bay Area, I think the correlation between the tech industry and housing prices is much stronger than the correlation with any race or nationality. 

Should I pay down the rental property to get it under the market value and then refinance so I’ll have more equity stronger cash flow and less vulnerability ?

Your offer will look stronger as the seller knows there is high likelihood you will be able to close on the home.Also, if you need any help with the loan process I know to awesome mortgage people in our area that I have used.

TX, we were approaching 9% unemployed, yet the rental market is stronger than EVER.

Also, this type of O&G investment is the most highly tax-advantaged asset class, even more so than real estate.Another discovery was that it's nice to have a steady stream of O&G cashflow in my portfolio to cover the inevitable hiccups with real estate (single family homes), including turnover vacancy, unexpected repairs/maintenance, etc.For me, the O&G has been a stronger cashflow asset out of the gate, with expected decline as production wanes over the long term. 

I would think your market is as strong if not stronger.

You will get stronger and stronger, keep it going. 

Find out how long they been clients and how well it's worked for them.I picked my PM partly because one of their clients I talked to told me that while she actually worked at a different property management company in the same town, she had the company I was researching manage her personal properties because they were just stronger in that property class :)

The stronger you are the higher up on their list you're going to be.I have noticed that agents that have reo accounts do list many of them on loopnet.

Lower insurance premiums and it's a conventional loan so stronger offer and less red tape involved.