@Eric Ippolito yes, quite often in the Los Angeles market investors will lose some money on a monthly basis, however, over the long term if they purchase the right deal they will make more in appreciation compared to an out of state cash flowing property.  

This means that half the land gets a step-up in basis at the recent passing of my grandma, but the other half has been sitting in a Trust for over a decade. 

Does the area require water well testing on a quarterly or annual basis?

@Jermaine Scott start with the basis of your education, this will be the best time and money that you have spend for ever.

Property contributed to an LLC retains it's original basis to that partner,and their basis in the partnership will equal the basis of the property contributed.

Let them know who you are and what you're looking for on a consistent basis.

The gain on sale of the second house will be 300k - 112k - selling expenses.Depreciation is not factored in yet in your basis. 

I have an opportunity to buy another underpriced investment property which should bring me 5% to 8% cash on cash return, cover expenses and then some, and the ability to write off my travel expenses on a quarterly basis.

You will make a higher NOI(net operating income) on a monthly basis with Multi-Family than Single Family.

I hear ya.. basis is 530k  / 27.5  gives you about 20k of write off and saves you probably 7 to 8k in tax.. so yhttps://www.douglaslake.com/la..