This is the road map of your transaction. 

Read section 21 of the CA Residential Purchase Agreement (assuming you transacting on this document).I've not been through mediation or arbitration myself, but if the buyer removed all contingencies when he submitted the offer, then cancelled, AND you suffered actual damages (a subsequently reduced sale price), your case seems pretty iron-clad to me.I believe you can enter mediation and arbitration without a lawyer, so I say go for it!

So you would include a "contemporaneous closing" requirement in each contract... tying the two transactions together with respect to timing.

Being from a title state brings some comfort to my transactions.

Your money will be wired to the title company handling the transaction, and ONLY to the title company (after you verified their wire instructions).

I've financed all sorts of ways and this was a fairly smooth transaction.

I'm trying not to let the Los Angeles landlord horror stories get to me and crossing my fingers we don't get taken for a ride on our first 4 doors. 

Fingers crossed!

As its been discussed on BP, if you know how to handle a real estate transaction AND have the time, then you probably don't need an agent. 

By that, I mean, a realtor group that deals with the transaction side, will help oversee projects/contractors during flips, help be boots on the ground, and also help manage the property?