Not to mention the dollar amount on appreciation is likely to be much higher on the 300k property as well.

I have seen posts/articles that mention end of year is a good time to buy deals but on the other hand the holidays are not ideal to find renters. 

My accountant mentioned to me yesterday that we had that option.

Working on a couple others.About 3-4 years ago, one of my neighbors who knew we rented bought their own townhouse to rent.In the past year, my father-in-law bought two different rental properties.My MIL (they are divorced) and her husband are looking to buy a rental property now.My neighbor in the last week mentioned they are now buying a condo to rent.When this many people in your circle of acquaintances jump into being landlords, is this a good sign or bad?

Regarding the replacement of rood and HVAC, she had mentioned to me previously that the current owner “has done some renovations,” but she did not say what exactly.

You mention that "underlings" may be doing some of the work.

I have seen members mention the following contracts in their subject 2 packet. 

You mentioned that both of you have LLC's.

I am a little confused by your question because of the way that you mention that you want to keep your CA home, as if to suggest that you would be moving to Phx. 

.$1,000 per week is "high wages" for this community.The building is large enough to support a large number of kids.Sixteen kids per week equals $2,000 Twenty four kids per week equals $3,000I can't make $3,000 per week turning this into a duplex.Someone mentioned turning it back into a church and that is a good idea - I like it because it can be done while I'm doing these other things and just have that as additional income!