., thanks so much for commenting, but I feel like both of you are referring to boilerplate while I'm asking about a separate document that appears to actually assign the leases and rents.To recap for clarity:The mortgage is tied to a commercial loan between the owner and a local bank.The original mortgage, dated 12/17/2015, includes the "ASSIGNMENTS OF RENTS AND LEASES" boilerplate clause.

@Don Cuffy  I've referred this to others.

@Hatim Barma I can refer you to some top notch agents in central OH, but Harvey and Brad would be 2 of the 4 I would say connect with first as they own their own investments, have solid networks/experience/exit strategies, and are loyal/dependable/honest/fast/communicatable, etc.

It's the safest way to begin imo and a great choice for your first investment.

If you need references for either of them in San Diego, let me know.

As far as the loan, I was considering going with a Military Choice loan from Navy Fed as they do not require any money down and will do 100% financing to include fees.

The house is old as well, with some issues (all 3 furnaces will need to be replaced within 3-5 years).What would be the wisest choice for a first investment?

lol defiantly not, i said EXTRA $200 a month in cash flow. 1%  i was referring to is the  purchase price. so if the property is 300k. then $3000 a month in rent should be the goal. according to the 1% rule. if your getting 2% then that real good. in what market? 

That being said, many of the smaller towns along the coast and inland have a smattering of multi-family properties, which may be a better choice if you're concerned about school district, etc.

Others are minutes away from downtown areas and may make a smarter choice.