This post is so informative and it is like sitting at the insiders table.

Our combined income is mediocre to say the least (85k/year, soon to be 95 - 100k) and have one car payment (300/m) and some cc debt (10k).We felt that we had a a unique situation on our hands because of the equity we have on our home, so we decided to do some researching in Real Estate investing and came to the conclusion of doing a HELOC and investing in SFH in Lancaster or Palmdale, CA.Chase, our lender only approved us for 40k with the condition to pay off our debt and car loan which only leaves us with around 6k.We are thinking about Lancaster and Palmdale because there are some properties that will fits our budget and fall within the 1 - 2% rule.Any advice?

Finishes and features that make a property unique really sell. 

From that point till the point where I'm at the closing table with my end buyer.

Ever situation is unique.  

I was hoping to put a stronger offer on the table by offering cash and quick closing.  

This is a particularly loaded question I know.....I'm in the Chicago metro/urban markets btw so our situation is unique.

This is already well above average of the area, however the property is unique in the way that it has a 150 foot driveway pushing it far off the street and giving it a very safe and and secluded feel.

And upon viewing many of the Principal Offices, there are a reasonable number that match UPS Store addresses or other addresses that don't uniquely identify an establishment.

So when it came time to move, we were greatly upside down in our mortgage and couldn't come to the table with any cash to be able to sell, thus becoming "default landlords"...long distance ones at that!