How to start with $70k in Los Angeles while living with in laws?

[Julio Mendoza]

Hello,

I'm currently married and my partner and I currently have $70k saved. We live in the Los Angeles area and not sure how to get started. In this area I won't even be able to put a 20% down with that. We are blessed with living with my in laws and only pay $500/ month in rent so that can help us save up and have the ability to pay some of our first rental if needed due to vacancy or unforeseen events. If you know this area, I'm thinking of maybe getting a single family home or maybe a duplex (if available) around the Palmdale area since you can still find properties under $300k there and put a 20% down. All our savings will pretty much be gone but it's an investment right? How do run the numbers so you have a proper renting price and still make cashflow?

Does this sound like a good idea? Any other suggestions?