I have been working for the past few months and will continue to work as I understand my paycheck is the only source of income and only asset I have going for me.

I continue to look, make offers, and occasionally close on So Cal RE. 

This way, while living for free, you can continue to build equity and save for your next investment.Good luck!

@Rafiq Islam Although the rental market is rather strong right now in Richmond as housing purchase prices continue to rise (like most of the country), you should include a vacancy rate into the equation in case of an eviction.

Bad leverage is using existing equity to buy toys like cars and boats or continuing to buy investments that negative cash flow. 

My passion/hobbies in life are spending time with my friends and family, Racing and riding motorcycles, and continuous learning and self improvement.

Personally my rentals didn't get any reassessment after remodeling, but I didn't add a new feature like a new bath, but still I think it's better to do more digging about this issue especially you own it for so long.

What can I do in the meantime to feel like I'm continuing to progress?

Will you continue to use the S Corp after moving the property?   

Find a property I can afford that I feel will appreciate in value in the coming years but will make a long time to cash flow (mostly buying in hopes of higher property value in the future), continue to rent until I can afford a down payment for a conventional loan to allow me for more options on cash flow, or continue to rent and invest in a more affordable cash flowing market?