I know and am aware there's no guarantee, however since I'm pretty new in the real estate game, I'm not too familiar with syndications companies, and it's important for me to invest with a company that has been around AT-LEAST 5+ years, which seems to be not so common right now to what I'm finding. 

Waynesboro has been hot for a couple years. 

But if the furnace is 20 years old and still works , why would the seller change it ?   

I believe I’d need to live there for at least 2 years and hold the property for 5 years but would like a confirmation if possible?

I wouldn't be buying in CA.Growing up in the SoCal area, yes the appreciation has been great the past 20 years; but they way the state is headed, people continue to leave.Red tape in California has caused business to evacuate, high net worth individuals are also beginning to exit the state.Food for thought.

We were a little too far from home with a 4-year old. 

I recommend finding an accountant who specializes in real estate taxation and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

I am eager to get started on locking in my first investment property and have questions on what my best approach would be.I own my home and have been making slow improvements to it over the last year I have had it.

Inherited a tenant who has been in place for 2 years .

I always tell people to be cautious to make the jump, especially depending on experience as many in real estate made money last few years because of economy not because of management.