Buying an investment property in the Bay Area

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Hi there, 
I'm new to BiggerPockets, but quite enthusiastic! I'm 24 and working on my PhD, but I would LOVE to invest into a property while I'm in school... My parents have done the BRRR strategy for a couple of homes and I have watched and helped their work since a young age, so I'm not entirely new to the industry.

I have managed save some money for a down payment, but Bay Area markets are out of control! In most extreme cases, I'm seeing folks buy homes in the East Bay, only to sell them for 100,000 more 1 month later!!! I am interested in BRRR-ing here in the Bay Area while I'm in school, but funds are tight, I can only afford to make one purchase, and a mistake could be quite costly.. (Like buying when the market is high..) Does anyone have advice on where to find good deals in this current market? Perhaps I should wait? Perhaps I should find somewhere else to invest, but scared about my first property being remote.
Thanks all!

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@Mike Bargetto there are plenty of cash flow markets in the Bay Area. There are several of us on BP averaging $400-600/door in the Bay Area, and that’s not with 50% down payments or buying 20 years ago. I started buying locally (Oakland) in 2014 and all 32 of my units are getting great cash flow (not to mention excellent appreciation). 

Perhaps Santa Cruz’s boat has sailed, but I suggest you don’t write off the Bay Area quite yet. Think Oakland, Vallejo, Sacramento, Stockton, and surrounding cities. The rent growth in these cities has made it much easier to cash flow.