Thoughts/Comments on Market for Newbie Investor - Sacramento, CA

[Art P.]

Hello BP community, I noticed there aren't too many forum posts regarding foreclosures and wanted to pick your brain a little regarding financial analysis for a first time investor. I'm currently searching my home county of Sacramento for potential Duplex/Triplex/Fourplex investments, but the current expensive market price and potentially reasonable offer will not create significant cash flows with residences available at this time. I can wait for a better time if needed. Any potential suggestions on being able to get over 1-1.5% Rent/Purchase Price? 

The other option I'm looking into are foreclosure properties. I plan on performing my due diligence on any potential property, but many appear to be condo's or single family residences and not too many 2-4 units. I understand some of the risk of going this route and would plan to use a hard money lender for initial financing then refinancing with a traditional residential mortgage or FHA if I qualify after bringing it up to livable conditions. The question is, without being able to physically inspect the property, what suggestions would you give me to look into or work on to land a good deal and not "get caught with my pants down"?

Background, I've gone through the starter videos through BP, am eager to jump in and begin figuring real estate out hands on, know how to perform financial analysis, but am inexperienced with Real Estate as a whole.