I would think just regardless whether I reduce the term (like change from annual to month-to-month) or increasing the term wouldn't really matter.Do you any of you have a better answer on this, whether it is legally acceptable to have the tenant sign a new lease as soon as I purchase the property, assuming they are willing to do so, and can I reduce the term (month-to-month), again if they are willing to do so?

Track all of your expenses and income listed in a report and review them regularly with 3rd parties to help reduce expenses and increase your income.  

Your networking in Phoenix is the smart to do with people you trust and will help you to reduce your traveling.Do not trust anybody unless you know them well.  

It will allow you to go up a little on price since you could do house hacking to help with the mortgage and have marginally reduced competition.

@Robin CornacchioSince the income the IRA receives from the property is not taxed, there is nothing for tax deductions to reduce.  

I read these two blogs: http://www.mrmoneymustache.com/MMM Focus more on the savings and frugality spectrum (or reducing your expenses) http://www.financialsamurai.com/Financial Samurai deals more with ways to grow your wealth through means other than W-2 income ( or increasing your assets).

Since I'm not putting any money in, is this a good investment of time and energy?

I understand he could just be saying that to rush me in to making a quick decision or simply to reduce his holding costs. 

I've been considering selling one of my properties, but to pay down debt and reduce debt service.

The k-12 schools also have some of the worst ratings in the state (2-3 out of 10 scale) with 80%+ of children will be on the Free or Reduced-Price Meals program.Tenant risks and headaches will generally be far greater than other parts of Tacoma.Other BP members from the area and myself have more detailed info about the neighborhood and Tacoma in general in these 2 threads.