Additionally, the 1 place is paid off so I didn't have any real urgency.  

I spoke to 3 lenders today and all insist on me using my own name and transferring after closing which is yet additional fees.

Which is close to round enough, in turn, that it makes me think the lender just documented $10m/yr and stopped documenting additional income at that point because it would serve no purpose. 

. :)But get a second opinion anyways, overlays mean that not everyone calculates self employment income identically. 

I would also add, it's possible you could end up repainting with Kilz which will "seal in" the cause of the smell functionally eliminating it. 

Literally everything to learn about real estate, deal-wise, all comes down to simple addition, subtraction, multiplication, and division.

A lot of people give up at that stage but if you track down the owners, you may be the first person to approach them because it takes additional work.

I've seen folks purchase properties, that have tenants signed on for a year or so, but their immediate expectation was to evict/break a signed lease of one unit, so they could live in one, while the other offsets and provides the additional cash flow one would expect.

@Aaron Gordy A couple of quick reminders about how things are different out here: 1) We have earthquakes, everything has to be engineered to withstand seismic forces in additional to the slide issue.

I have found that education and mindset was first for me in addition to your step 1.