I’ve acquired wealth through other avenues in insurance businesses and I'm ready to invest in passive income now.

We just acquired the property and I want to understand the other tenants better before I start making a change like this. 

My vote would be to acquire as many cash flowing rental properties as you can and hold them long term, 10 - 15 - 20 plus years.Cheers, Ken

However buying this house will mean that I will lose all the benefits of acquiring a home with 5 or 10% as a first time home buyer.

Would I have to time the purchase of the property such that I acquire the property when a tenant lease expires?

I had intended to acquire our first buy and hold later in the year but when we stumbled on this deal, we thought it was too good to pass up, so we pivoted.

I had intended to acquire our first buy and hold later in the year but when we stumbled on this deal, we thought it was too good to pass up, so we pivoted.

I would like to acquire a property by end of year then another one during Q1 of next and would like to make a trip back out there in March. 

My investment goals is to acquire enough rentals (small multifamily for now because of higher cashflow) so that I am financially free.

Real estate in California is outrageously expensive and competitive.That said, if I had it to over again, I think I'd spend the bulk of my money mailing for off-market housing that I could acquire for 50% or less of market value.