If it's a few thousand to get you more qualified I would pull the trigger not only because your current purchase but it gives you a stronger debt to income ratio moving forward.

I would strongly encourage stronger screening procedures .

So bottomline for me, I love buying but if the military is the principle game in town there might be stronger/safer markets to put your dollars to use. 

It just make you look stronger. 

Is there any reason for RE investor to set up an LLC in CA considering the cost and stronger protection in TX?  

Having cash is going to put you in a stronger position once you decide what to do. 

You'll be in a much stronger position if you are patient and buy right.

That way you're in a much stronger position to push back if some other issue crops up because the seller knows from experience that you're pretty reasonable as opposed to thinking you're just a pushy jerk.

NoVa "feels" like a stronger area for appreciation just because of the better school system, better public transit/infrastructure, and strong job market.

You'll either trade some yield for a longer term lease with a stronger tenant, or build in more reserves for a weaker tenant and shorter term lease.