Maybe a more conservative deal is a better idea.

I may be too conservative, but you really ought to have possession before advertising or committing the property to a leasehold.

That's a great conservative newbie model that doesn't break the bank or your day job schedule while you gain experience.Currently on the MLS, there are 3 potentials in Green Haven, Pasadena alone that fit into that model.

On the conservative side (48% occupancy), the year 1 COC return is estimated to be 14%, moderate occupancy (55%) the COC return is 19% and the optimistic occupancy of 62% will yield a 24.6% return.  

I think we are going to take a conservative approach and buy the property under the LLC.

Those are conservative numbers, but I want to make sure that I'm cash flowing no matter what!  

Purchase Price: $45,000 cashTaxes: 940.08 per yearInsurance: $100 - This is a conservative guess, I have no idea what it would actually be.HOA: $50 per monthRent: ~$700 per month

The world is at least fifty percent terrible, and that’s a conservative estimate, though I keep this from my children.For every bird there is a stone thrown at a bird.For every loved child, a child broken, bagged, sunk in a lake.Life is short and the world is at least half terrible, and for every kind stranger, there is one who would break you,though I keep this from my children.

Using even the very conservative 50% example above, that same appreciation now gives you a 20% return. 

Have you performed a cash flow analysis based on not only the rent but anticipated vacancy and all anticipated expenses, being conservative as this is your first property?