I don't want my payments to go up until I can find another investment property to replace the income I am going to be losing.

Luckily I was planning on renovating this unit, plus I didn't lose rent for a vacany due to him paying the last two months of his lease.  

It's a big area, and there's significant players in the market.  

You should contact a local eviction attorney that specializes in Santa Clara CountyIt might cost you $1000-15000 but every day you wait (or if you use the wrong type of notice and might need to start over) is money you are losing in rent moneyEvery city/county is different when it comes to types of notices that need to be given.

Bringing your cash from Aus you'll lose 30% on the trade instantly so you need to account for that lose.

I worked with a large Syndicator back in the mid 80S in the Bay Area they had a multi billion dollar portfolio.. and what brought them down was this exact same scenario.. borrowing from the reserve accounts from one partnership to prop up the other.. only to eventally lose the one that was failing and leaving the others with no reserves and they started to flounder.this is a Ponzi type thing.. and I would be quite cautious about this.

More importantly, you lose your cap gains exemption from it being your primary residence.

I didn't sell the player.  

I am a novice here, but am I better off paying down my house and losing the $300 a month PMI, or taking the money I have in the bank and buying a rental?

Rule #1 - Don't lose moneyRule #2 - Don't forget Rule #1!