I'm well aware of the 1% and the 2% rules (these numbers provide a 1.3% property), but just worry that there's something I may leave out and get burned on. 

You will want to work with a CPA who is familiar with the debt-financed distribution rules and how to minimize its impact.

The material will get you started but often times you will run in to issues - 50% rule, 1-2% rule and other so-called metrics that are used by American investors when looking to residential properties. 

Typical IRS rules are you can get a loan within a few percentage points of prime for the lessor of half the balance or $50K. 

it doesn't say anything about making up new rules out of thin air. 

There are hundreds of markets around the country that can provide exponentially better returns than you will find in California AND without the BS rules and regs. 

My asking price is $100,000 which would put this as a rare 2% rule property.

Following this "Rule", you will never need any more money from other sources, since you will continuously be supplying your own...at will.Use your seed money, spend your profits...after, you've reinvested your initial profits to expand the original seed money. 

Other cities have different tax rules and tax rates.

When you decide the asset type, then you set up your buying rules/ criteria.