It depends on how long are you planning on staying there.

And yet the only rent control I am aware of in San Diego are in mobile parks that were purchased from municipalities with rent control in the purchase agreement.  

That way you can use it as a way to market yourself and find other investors to fill in the gaps - NETWORK NETWORK NETWORK - Stay determined and your unwavering focus will allow you to make a way when you feel there is no wayBest of luck!

Can also make a lot more money (than your regular annual leases) on monthly or 3 months at a time (lots of people, who move here need a temporary place to stay AND find it difficult to get one).

Even with a transferable warranty it can scare aware home buyers if selling this down the line is an exit strategy. 

Are there things to be aware of when one partner brings NO 'equity' to the deal and how does that affect 'owners basis' down the road?

Stay organized with an excel spread sheet.

There are days I have to work late, stay all day and the various Navy related duties but like I mentioned earlier would like experience/exposure while helping out/not being a burden.My wife and I have two rental properties and our primary residence so I'm not completely new to the world of real estate but when it comes to investing I'd consider myself a newbie.

Are there any areas you would recommend staying away from or is it more house specific? 

Mass Housing's appraisal process is a lot easier too.If you can stay south of the Mass Pike and out of the Worcester hills, you'll have less snow in the winter.