If you are looking strictly for an investment and don't want to live in the place (or don't need to stay in SF), I'd check out some of the surrounding areas that are within a few hours.

Evaluate Rent Control on the property - - much of L.A. is strictly controlled and that severely limits your choices.

I am eager to get in the game, but I am not naive to the fact that this business is not an art that can be mastered quickly without guidance and a strict code.I am fresh out of school so obviously even though I have a full-time job, funds for investing are somewhat limited.

It is well settled that 1031 Exchanges are strictly for investment property held for investment. 

Patience and strict application of your investment criteria are two things (among others) that seperate successful investors from bankrupt investors.  

We said above that both have the same underwriter and funder, ideally it would also be same title company but this is not strictly required.

But if this acquisition is strictly for investment purposes, I like the advice given above, especially WRT researching what *IS* the highest and best use and how much it would cost to-tear down and rebuild. 

I know there is a 20% off discount code expiring tonight and was wondering if this discount is routinely offered.  

@Shanna Bechtel  I'm new to this but from my college days I remember that local ordinances were pretty strict on college rentals.

In order to make time for ANYTHING that isn't directly related to taking care of those 5 kids I have to keep a very strict morning ritual.