If the assessments go up in 2 years, you might not be able to raise rent by an equivalent amount if market rents haven't risen accordingly, leaving you stuck with reduced cash flow.

Claiming 10% for yourself is equivalent to them giving you $90,000.

The rent amount is equivalent to my total monthly mortgage.  

Irvine tends to demand an extra $100/month or so in rent for an equivalent property.

(or equivalent) Something less than that might work, but it might not.

Tenant pays equivalent to two month's rent (this assumes they have a long way to go on their lease, not just a month or so) and walks away scot-free.

Reading and watching these trends from NY is one thing but as you seem to have made notable progress and have become the equivalent of Swiss army knife in real estate in the area I'm more inclined to believe the latter.

As such, we only accept cash or cash equivalents (lines of credit / hard money financing) on our transactions.IV.

Now, I have income coming in from rentals which is equivalent to a 250k/year salary.

That's the equivalent of well over a million dollars at a 4% withdrawal rate.