But then you would be signing a new Mortgage stating you intend to occupy for another 12 months.If you were using the right loan officer from the start, they would have helped you structure better and use a Conventional Home Possible to buy your 2-unit, then you would still have your FHA available for the next property.In your case, you would need to refi to an investment property loan which is a max 75% LTV in order to buy a new primary right away using FHA.This is why it's so important to pick the right lender, because now you're stuck. 

Setup a showing and bring a few agents from your office.

I was a people person and didn't like being in the office all the time.

Assuming time is your most valuable resource, I would say skip the residential game and buy an aged LLC, LLC business or start a LLC, and prepare to do a multi/office/retail deal in commercial real estate.

The other one got a large settlement for the death of his partner & came into the office to pay an the entire next years rent all at once as he was also sick & he didn't want to be bothered with tracking bills while he spent time in & out of the hospital.

If anyone has any tips on how to get started or any insight into doing business in the LA market please let me know.

Both of you should sign this at your lawyers office to make it official. 

If not, take a ride over to the agent's office and speak to him/her directly.  

I imagine it wouldn't be easy not even for local tax advisor to explain this because tax officers or in worst case financial police could quickly come to my door asking me why did i announce the income ( * ) and pay taxes from low amount if incoming bank wire transfer transaction on my bank account shows much much much bigger amount (total selling amount and not the difference amount).

@Andrew Postell thanks for the info/tips!