In my estimates I use a much larger cap expense forecast than $150/month but So Cal is more expensive for repairs than many other markets (but some life spans are higher in So Cal due to mild climate reducing cap expense - cap expense is a function of cost and life span) but I would be surprised if there is any location where cap expenses can be much lower than $150/unit per month.

My wife & I will be able to save $5,000 a month combined starting December (living in a van soon to save & pursue real estate; sounds extreme, I know..)

The language in the code, combined with Ashish's opinion - who is also a tax accountant - seems pretty compelling to me. 

These are cash-only purchases so I was limited by the combination of my HELOC and cash reserves.

Both properties are free and clear and with both combined there is about $450k worth of equity.  

My advice is do not use a combination primer top coat.

The kitchens, siding, HVAC, and half the appliances are getting old though all are still functional.

@Brett Sorenson You might end up looking at two different things when you combine "shelter from recession" and "long term appreciation".  

I'm using Quickbooks for Mac and cozy.co currently for 5 properties and combined with email it's working out ok.  

Combine this with the potential for rent increases these days even without the 'value-add' and I will look at an 8 cap for sure.