I am also nervous about it not cash flowing at all but I think buying in southern California and holding long term is an almost certain strategy to build wealth.

Heat often isn't distributed throughout a building equally. 

I'm looking to build a wholesaling business around SFHs here in Southern California (Riverside County, specifically), then expand in time to MFHs, possibly commercial.

Option 2: Purchase additional properties and build portfolio I know that there are some tax implications to no having the mortgage payment to consider.

There is not a bathroom in the building so unfortunately only option is a Porter Potty.

I am open to other scenarios.We have access to $200k ish in equity in our primary.We will soon have access to another $100-150k for retirement/investing/IBC/etc.I would like to move into my young family into a (new build or fully renovated side by side) duplex.

As you build your portfolio you can set up corporate entities etc.

Basically, if you are committed to this investment thing, you will need to make some uncomfortable/hard choices to eliminate the credit card debt and lower your monthly debt.Once that goal is complete, you can begin practicing habits to live below your means and start building up your savings. 

You need to build your team for your real estate investing business.

Build up that war chest.