I would expect at lest a month perhaps 2 months or more before you cold settle.

I have the conventional financing set up, but I don't hold enough in cash reserves to get the repairs done.

I will repeat a quote that I have heard, "A goal that isn't set with a deadline is called a dream." 

You could just get the contact all set-up and then assign the contract as well.  

I will be moving likely within the next 8-12 months or so, and my wife and I are planning on renting out our house, so that's how I figure we will start.I've got a pretty good gig going with the AF so this will be more of a supplemental thing for me at least in the beginning so I would say I'll probably be taking a more passive role to start, although I'm open to anything.I spent the last two years as a recruiter so I've gained some valuable experience in Human Resources, advertising and marketing, cold calling, as well as general salesmanship so I think I can find a way to use those skills in this venture.

I choose the tenant based on credit and rental history without any set ratios as the quality of applications varies from one neighborhood to the next.

RecapSell current home - buy new home - 1614.20/month out of our pocket - Rent current home - buy new home - 867.87/month out of our pocket There is obviously things that I have not thought of, and of course nothing is ever set in stone from a renting standpoint, but it just seems to good to be true that I can keep my current home with a lower downpayment on new home and our out of pocket mortgage on the new home is SO MUCH CHEAPER.  

Can you recommend a lawyer or attorney who can help in setting this up in CA ?

I'm looking for a CPA that can help me get the business structure set up so that I have the correct entities carrying the correct assets for taxes and protections.

There is no rule set in stone that real estate will always enjoy such a favored tax status.In fact since populism is increasing and most Americans don't receive these benefits, they are at risk more so than in the past.