If you want to invest in Portland, your best bet is through your network, IMHO.  

@Paul MacInnisUnless there is a strong demand for new units (your fire just improved the vacancy rate) and you wouldn't just be pulling the better (of the poor) tenants from other properties, I would not consider rebuilding at this time.  

Their greediness actually lost them the income during the vacant months PLUS the extra $100/month the old tenants were paying (I bet they'd still be there if they only raised $50-$100). 

If you have pictures, place an ad on Craigslist and Postlets listing the unit for the top end of the rent and see how much of a response you receive.Also, banking on a 20% increase in appreciation to get out of PMI is a risky bet so don't rely too heavily on this. 

I'll bet you hear the same name mentioned a few times. 

I know all (okay...probably less than half) of the methods like "drive for dollars", put up signs, yellow letters, etc type of methods to find deals.  Truth is...I don't have time to allocate to doing those things and...

Rich Dad Poor DadRich Dads Cash Flow QuadrantRich Dads Increase your financial IQThe Real Book of Real EstateThe ABC’s of RE InvestingThe ABC’s of PMRich Dad RE Tax AdvantagesThe 10X RuleThe E-MythThe 4 Hour Work WeekBiggerPocketsPodCast -I hear #136 is exceptional!

Long term, if I hold both properties, I don't know for sure but I'd bet that the Glendale rents and prices will go up faster than Lancaster, as it is more central, more desirable, and has a better job base ...

In your price range/budget, conventional loans are likely your best bet. 

Will people who live in the property (homestead properties) be a poor bet that they will allow it to be lost at the county tax sale?