There are ways to eventually take the co-signor off the loan, but there would be some fees involved to do so (ppwk, qualifying for a new loan on your own to replace co-signed loan).

I would imagine that you would need to go back they the IC to replace the outgoing tenant because no one is familiar with the other 

Simply put replacing the dishwasher or AC unit in a property yielding $600/month versus one yielding $100/month costs the same in dollars for each but is a larger percentage of rent in the cheaper property.

BAO -I had a couple deals I was counting on to rehab and flip in the spring-  I'm aggressively looking to replace those two, I know the area .-  Let me know if you want to assign - Eric

With multiple properties, each having quite different depreciation schedules (complete remodels, vs repairs, vs furnace replacement, vs etc), and having multiple LLCs with different share structures, I began to feel like it was time again.

What I mean is this:  a one bedroom apartment in a low rent city vs. a three bedroom unit in an average to higher rent location...replacing a dishwasher, fixing an air conditioner, or changing a toilet cost the same in the $300/month one bedroom as it does in the $1500/month three bedroom in a higher rent area. 

I don't withhold $12.37 per month to replace a roof in 20 years on a SFR.

-I currently work full-time and my annual savings is ~$10K.My goal in getting into real estate is to merely replace my income so that I can live off passive income and quit my job.

Many of these properties can be purchased far below replacement cost, which also mitigates risk.You are wise to question financing risk and are asking all the right questions.  

We would like to replace my wife's salary in the next few years with passive cash flow so she can raise our kids full time.