Often they are responsible for the rent until a replacement tenant can be found (and you need to do your best to find one in a timely fashion). 

If the numbers work at the current rate and they have a good history, then let it ride.

I would then force appreciation and ride the market appreciation wave for 1 year (seasoning period).

You will get a lot of guys like this, experienced dudes that will take you for a ride. 

Earned a full-ride basketball scholarship and used the money I had saved up to pay for the downpayment.How did you add value to the deal?

However, keep in mind this could also ultimately cost you more in the long-run...but it truly is the only 'pathway' toward eviction should discussions with the tenants break down.CA bashing is very fashionable, but it isn't really helpful to the discussion and does nothing to help the OP.

However, with most betting that a correction/slowdown is coming in the RE market, is it smart to walk away now or ride it out until we see the dip, double down when/if there’s a fire sale, then bid farewell to the pay cheque?

Some like to think it is a smooth ride forever just like young stock people believe you will always get 7%.

I think doing a ride-along with a mentor of some sort would be best for me so I can get my feet wet. 

Stretch out of your comfort zone, and enjoy the ride!