With your numbers ($69k total, $32,400 for land) you have 47% for land and 53% for improvements. 

*Sigh*  I can totally understand why people are leaving the SF bay area in droves. 

I would really appreciate any insight or advice that you can offer me, as I'm a total newbie - but I am taking action, which I've heard is important in almost every single BP podcast I've listened to so far. 

Now, this is a totally different set of skills I’ve learned.

The next house you sell, forfeit your commission in totality and then we can talk about how deep I'm trying to make my pockets off of a homeowner...Pre-Foreclosures are the best scenario because I help them and sure, help myself.

I'm totally fine with walking the neighborhoods and putting time in; just don't know the most effective way.Anyway, I'm excited to learn and take part in the community here, and appreciate any advice or feedback!

To this day, I am able to rent each room out at $500 each totaling $2050 currently, and once the other tenants have left, I’ll be able to rent out the additional rooms and still have a room for myself to live in, totaling $2500 in rent.And lastly, I’m trying to figure out what to do with the basement, which I have started another thread on.

I have put in a new roof, parking lot, and fixed up a few units (raising rents along the way) and will be paying him back 8% on his initial investment (10k) at a total of 135k once refinanced in the next few months. 

The buyer had totally trashed the property and it was routinely loosing LOTS of money. 

If your total income(wife and yours) is below $150,000 you should be able to offset some of your income from the rental loss.What is your goals with real estate(cash flow, appreciation, etc) If your goal is cash-flow - you may want to look into selling the property and acquiring others that would cash flow.Let me know if you have any other questions.