What I outlined above seems like your core overall goal, and core what must be overcome to get what you want.Now what you need to do is make a workable plan to get it.You don't need "The Best Plan" just a plan that seems realistically workable, because like everything else in life it will probably be a fluid procedure (vs a static plan) to get what you want.A workable plan might be to figure out how much down payment and closing cost you will need to buy property number 1, and how much equity vs bank loan you will need to hit your monthly income goals vs what you have to put down on it as a minimum.

“CHANGE OF TERMS: The terms and conditions of this agreement are subject to future change by Landlord with 60-day written notice setting forth such change and delivered to Tenant.

However you only having 35k is kind of a different subject.

Moving money out requires transaction costs/etc. (1031 intermediary, buying a new property and being subject to the 1031 is brutal, etc.).

You’ll get to pick your tenants and SFH are not subject to the City of LA RSO (google it).

I can say from experience that finding a lender with the terms you outlined will be very hard. 

The responsibilities you outlined are mainly what AirBnB itself highlights as possible co-host duties.

Truly appreciate the outline.

Your tenants must abide by the CC&R's and if they break those rules you are subject to fines that you must then try to collect from your tenants. 

He'll go out to the subject property and evaluate the roof.