If you cannot find a tenant in property one for awhile, you have to factor in the vacancies cost.

Another factor that comes into play is that I represent the target market that I intend to serve (traveling business professionals).

If she can't find another suitable place, that makes me believe she is paying way under market, and unfortunately when you rent those kinds of places, they come with certain challenges, such as a "hands on" landlord.Another factor that was not pointed out yet on this thread, is that the LL is an owner-occupant. 

For example, "close to work" for us is more like a 20 minute drive, where "close to work" in CA might be under a 90 minute drive.Hope this helps and again welcome!

Ooooh, one more question: For those of you working within Washington State, do you have favorite tools/venues to find off-market opportunities, or do you do it the "usual" ways (research, hunting for "motivated" sellers, driving for dollars, building up connections with people in the know, etc.)?

The same factor applies to travel to that location.

Door knocking and "driving for dollars" are two of the best for wholesalers. 

(if so, does anyone have any strategies for this other than driving around and sending them direct mail letters) Any input is greatly appreciated.

. - don't confuse it with tax saving - the CSS allows you to accelerate depreciation (you get more of it sooner, and less of it later) so you have to factor that in in your tax strategy- it's good to have CSS done when you replace an item (you'll be able to claim loss deductions)- there is also an inheritance benefit - your heirs will benefit from a CSS in place.Maybe @Wes Mabry can offer more advice.

One additional factor that helped me in the early stages of REI was having the advice of a trusted real estate agent.