Trying to aquire first property in Northern California

[Adam Kistler]

Hi BP,

My name is Adam and this is my first post on BP. I am a homeowner in Southern California and I am trying to acquire my first rental property (buy and hold) in Sacramento, CA (born and raised). I am wanting to know suggestions on first, running numbers to ensure a sound investment. As you all know California is not cheap. Currently looking at duplexes and none of them meet the % rules but still produce good cash flow. For example, I have my eyes set on a beautiful duplex in a good neighborhood, asking price is $445k. With 20% down mortgage is approximately 2100-2200 with taxes/insurance. Rental income combined with both units is $3200. This is $1000 positive cash flow correct?  Even though it doesn't follow some of these rules and %'s with that much income over the mortgage does that not seem sound? Any suggestions here? 

Second,

My question regarding 20% down payment is are there other ways you would suggest getting the capital needed if personal cash was limited/ and or tied up? With properties in California, they require a big chunk of change. What would be some good suggestions. I have heard of hard money loans but do not know fully how they work. 

Thank you in advance. Looking forward to starting this new journey!