According to auditor, owners address is still listed as property address.

My concern is that rent in OC is not as high as some other areas nearby, such as Portland...so the rental fee would likely be only about $50-$100 more than my mortgage payment (my payment includes insurance/taxes, by the way..so I am accounting for that).   

Without a compelling reason to buy, I would be concerned that rising interest rates would curb any anticipated appreciation.https://www.google.com/search?

Feels like there's a soft agreement between this couple and the owner.I spoke with all other tenants privately and they seem to be very happy with the current non-property-manager.I like the idea of resident lawn care, but am concerned about legality of a resident property manager (I'm new to this and not ready for employees on a small triplex).

@Thorney Gibson your concerns are valid for "turnover, lead issues, lawsuits, court, utility court".

For a more passive approach but still with potential tax benefits of long term ownership I would probably invest in an outstanding sponsor's syndication or NNN commercial leases.However, if the only capital I had was borrowed from my home, I would address that issue. 

The child cannot be a consideration, for fair housing.We have split the vacancy costs with tenants who have a later move in date.Agree that a scoring system helps decide and document an unbiased decision.I would prefer the couple that doesn't have an expiring visa, if they have a track record of staying at addresses more than the length of the remaining visa. 

After my last trip I have to admit the concerns outweigh the benefits and I am going to sell the boat up here and use the money as down payment on another rental.  

As both @Dustin P. and @Doug McVinua have stated the communities around Chandler (Gilbert, Mesa, Queen Creek, San Tan, Tempe) are just as good from an investment perspective.There has been a lot of press concerning future job growth both in Tech and Manufacturing in the East Valley. 

That cost isn't really what one should concern them self with when looking at starting one for the purpose of owning their rental properties tho.