.- I'd like to invest in an additional rental property.I'm wondering if I should sell the property in DC and use the earnings as a down payment on a better home and attempt to find another renter.

It ia possible to find a leak once they thaw.Weeks/months ago was the correct time to worry.Since this a is temporary (heat will be on by next year), use space heaters to thaw or prevent freezing if you can get power from a common area.I insulate pipes in semi-heated areas, and use heating cable covered in insulation wherever I have pipes in unheated areas.

In addition, One of the main (there are a total of 3 possible) parking lot entrance / exit points is included in this parcel also.

My properties I don't expect appreciation (multi's are in area's I wouldn't live but I haven't been shot at yet either :)) to be significant and my goal was primarily additional cash flow.

If you're looking at turning a primary residence into a rental, there's the additional advantage of having a community "on the ground" at your unit.As an example, our unit in Burbank, CA, is in a condo community, and the online community forum has helped us greatly: when another owner rented to a bad tenant, we knew about it before our tenant complained and could handle the situation proactively.

Next, judge your portofolio and additional investments by Capital Asset Pricing Models.

If I need to order a dumpster or get a quote on new windows, I add it to the list as soon as it pops in my head.

You need a whole solution that prevents it from repeating.

In addition, new properties command higher rents, with vacation rentals having the potential to be even higher!

The issue of your partner using a loan/mortgage on This property, as opposed to bringing cash, is another matter which as Jerry said, brings additional risk to you.