The theory is simple but getting it done is a totally different game..

They happened to be a portfolio lender and within a day had me approved at only 15% down and a 15 year loan which I was totally ok with.

If both buildings are on the same deed, they can be insured on the same policy.It is common for most standard carriers to not insure more than 4 rental properties or more than 8 units total. 

I have to exchange 215k cash and 118k debt, so I need to either buy two houses at the average price of 220k or one all cash and pay nearly 30% in total California taxes on the debt of 118k.

any way while looking at financing I've come across a bunch of things that seem like total scams and think a place to report and ask if any one has had experience with any of business?

@Bill Dengler - 5+ units require commercial financing which is a totally different approval process. 

Add to that the costs associated with TI's and Repairs and you're usually talking about non-inconsequential amounts of money (for most).My first deal was a purchase for 585k and in total, I had to come up with ~300k cash in Downpayments, TIs, and Repairs.

I’m totally new at this and I would really appreciate any advice or thoughts from you guys on this loose outline.

We're fine with the 2 service dogs but the prospective tenant has stated that the family is eligible for 2 more service dogs, 4 dogs total.

The other post pretty much stated, do not get a place if it does not cash flow.Here's a hypethetical scenario..I can get a cash out refi on my primary residence for around $120k in my pocket (330 total, pay off house at 210 left on mortgage) that would change my mortgage from $1000/month to $1900/month.