Rental property Orange County

[Matt Siapin]

Hey so I'm looking for a rental property in OC and surrounding areas, I can afford a 400 to 450k home, the problem is that it seems like everyones buying in that range and its hard to find a property that will cash flow. I can find properties that will work but are 600k range... My question is if anyone has any ideas on how to afford that. Some have been vacant for years so if owner owns outright i was thinking I can owner finance and rent it back out? Not really sure how else to go about it. Or I was also looking for 400k house that I would be able to add value such as guest house or something else to cover the mortgage payment? Help is much appreciated!!