Should I choose to go the FHA route, I would have more funds available for my 'second' down payment on the next house.

Everyone does it a little different but to the best of my knowledge it should NOI / Cost making Property #1 a 7.8 Cap and Property #2 would be a 11.5 Cap.Strictly based on the Cap Rate I would certainly choose #2 over #1.

Next day tenant calls and is complaining about problem.Would you keep P.O BOX 13, im second guessing my self on the luck of 13 and have no idea why I choose that one.

Also, when trying to choose a contractor, get multiple estimates.

Gives you the best chance at choosing a decent tenant IMO.

If you choose to terminate the agreement, you are not liable for the full amount of the purchase price.

Since you're in CA you might find this informative: http://www.hrfh.org/housing_discrimination.html Be careful should you choose to make such a requirement in the future.

The key obviously will be to choose the right ones in the right locations.

(Such as, how do you evict someone that owns part of the property if they choose not to pay the rent.)I hope you can make it work it.

But I don't actually want to choose my brokerage firm by their cash management functionality.