OOS Investing with FHA loan?

[Edith Alfaro Ortiz]

I currently live in the SF Bay Area, San Jose,CA- to be exact. I have some money saved up 10k and have a credit score of 750-ish. My ideal RE strategy would be to Buy and Hold property for Cash Flow. I feel like I have thousands of questions about the best way to go about what I'm thinking. I'm highly open to any criticism constructive or otherwise, I'm not sensitive and can find value in even the "roughest" of responses. I value honest opinions! Okay, here goes my thoughts on what I can do and how I can do this..

1. My initial though is to buy OOS and use a conventional loan putting 20% down for the property. Rehab ( might have to take out a personal loan, maybe credit cards?) and rent it out using a property manager since I will be in CA. In markets like Indy, Phoenix, OKC. 

2. My second thought was to buy a property in Cali, outside of the Bay Area, using an FHA loan putting 3.5 percent down, however, I'm not sure how I would be able to keep my job and also move far away since FHA loans require owner occupant for the first property. If I need to quit my job and move to where the property is, I can do that but do I run the risk of things not going well? And not having an income until I can obtain a job in that particular city.

3. The third thing I was considering, I'd rather find a way without one, is finding a partner to help with the 20% down payment to a property and splitting the cash-flow to the prop and then using a HELOC to buy the second property.

I think the biggest things that I have going on for each options I stated above are: 

1: FEAR! I've heard many stories of people buying OOS and not buying what was pictured or is "rental ready" when in fact, its not. Among other factors. Would moving OOS to being this REI journey be a benefit?  If I got a conventional loan I'd have to have proof of income, stable pay ect. If I moved OOS would this hinder my ability to get financing since I would not have a job until I moved there? 

2. If I decided to live in the home (California) with an FHA loan, would I be able to find one within a decent price rang to have a good ROI, Around or near the Bay Area?  What can I do about not having an established income if/when I would need to move into the property under the FHA requirements?  

3.  This is quite possibly my best option, using an investor? I'd be much better off finding an investor after writing this post out and deep considerations of my options. I feel this way because it will help eliminate the two problems I would have with the first two options.

I guess I'm asking what I can do with a small income 4k a month net income, a small savings 10k and a 760 credit score AND I live in SF Bay Area. For some more context, I'm single, no kids, 27 years old.  

I appropriate any feedback and would love to hear from any investors that have started in a similar situation to mine. I'd love feedback on my plans, and any thing you would like to share for someone starting out!