One option most ponder over is becoming a Real Estate Agent in the desired market area and is even advocated for in the BP Podcast.The main reason a License is beneficial seems to be due to the ability to be your own buyers agent and save on some closing costs as well as a foundation on which to understand the paperwork and processes of a standard transaction. 

Treat your normal finances right and you will then have the ability to buy investment properties easily.  

I'm concerned on how that will affect the tenant Buyers ability to exercise the option.

In some locations they have the ability to pull those demographics like age, equity percentage, etc.

The beauty of SEC 8 is that if your working tenant loses their job, instead of losing their ability to pay rent, SEC 8 will kick in and pay 100% of the rent while they are searching for work.  

If not, or if the CA property compromises your ability to get a mortgage generally in NC, that would be an incentive to sell.It sound like you wouldn't see much in capital gains, so that doesn't influence your decision making.Personally, I think N.C. is a better market for cash-flow properties.

I like the artist's conception.

I'm trying to start my investments in real estate but I'm not sure how best to do that with the resources I have and also not jeopardize our ability to move.

I also have the ability to sell the house myself as an owner.  

Whenever you have a wet period that area will stay soggy because the soil will reach its maximum absorption capacity quickly without the ability to make it to subsurface fissures.