If anyone has any experience or suggestions, please jump in!

One thing I would suggest is if you start getting some consistent bookings do not jack your prices up over 15% as a new listing.

I would suggest buying another LTR where you are and then next, pull out some equity to purchase a MTR property.  

Given that I am a complete newbie...what would you suggest? 

But as some one who was raised in this business has owned 3 brokerages I can tell you that only 10 to 20% of agents make 80% of the revenue wash out rate is high.. with Wholesaling I suggest that only 5 % who try it are still doing it in a year and in any given market there will be a handful of wholesalers that do pretty good to very good the rest just trundle along now granted if they make 50 to 100k a year in the mid west and were used to making 20 to 30k in their JOB this is a big improvement over where they were at..

I walked all the nearby comps, gave the seller my opion/list of what his property was "missing" (fenced yard, light staging, add a 3 board fence panel and landscaping here...) and advised him to get a surveyor to mark the lot corners...The previous agent had not suggested they get a surveyor to mark the lot corners when he bought the property to flip....there's a chance the house or driveway may encroach the neighboring property.  

I just had a realtor come over who suggested I demo them and put in wall mounted armoires that have external doors that have doors at least 2'4" by 6'8" so that I would meet Oakland's definition for a closet and allow my bedrooms to meet Oakland Code and regain much needed floorspace and get much more efficient closets. 

Typically a few types of PMs out thereThe individual agent, little to no staffThe PM company that's a set it and forget it, glorified rent collectorThe PM company that's a true partnerI would on top of the suggestions abovesearch for a PM that owns their own portfolio tooThey treat your asset like they treat their own portfolio- There should be a full staff and readily available to answer the phone1.

Any suggestions?

If you plan to have it for more than 4 years I would suggest to do a cash out refinance because you will save in interest rate.