From my initial research, it seems that vacant lots might be a higher value opportunity but there is the risk of long holding periods.

If you're serious about the property it's worth $50 or so to have a title company run a "search & hold" report to make sure.I looked on NOLO and there are three different possible post-sale redemption periods in SD.

The single biggest challenge a new agent faces is to survive the startup period.  

My first 2-3 properties were the most stressful, sleepless nights, and almost sickening periods.

First, don't take this the wrong way, but you really need to use some punctuation - periods, commas, etc.

Reputable contractors will warranty materials they provide for a specific period of time, as required by CA state law.

BTW:  Putting in to an LLC after you close kind of defeats the purpose of asset protection especially if you're only going to hold the property for short period of time.You can protect your assets using Land Trusts.  

New roof is great news.Also, I'm sure things are different everywhere, but look into if you can appeal the property taxes within a short time period after you close on the property.

I feel that I have a good grasp on how they work ( the Financing structure, the funding of the Repairs into the Loan, Interest Rate, Points, Seasoning Period, Down Payment, etc. )What I'm still unsure of , is what is meant by a 5 or 7 year ARM ( as the Initial Loan that you get when you use a Portfolio Loan from the Get Go , But then after that time is up ( the 5 or 7 years ... depending on which ARM you went with ) , how then does the Financing , and More Importantly my own Personal PITI on the Property get effected, by me then having a 15, 20 or 30 year Conventional ?

You own the home and have taken possession of the lease, so you are now entitled to any money collected for that period, in this case it sounds like it would be pro-rated to you.