In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

Suggest you get your game plan in place first then go forward once you have the goal in sight.

Slow beginnings are common in real estate investing, and building momentum comes with intentional planning and leveraging your resources effectively.To gain traction:Evaluate Equity: Review the equity in your owner-occupied home and rentals.

It seems like it would be great to flip one property while planning on getting another one ready to add to my rental holdings.

ThanksSuhaib I'd suggest finding a broker, they have alot of knowledge and have your best interests as a goal, insurance agents have their employers best interests as a goal.Insurance in CA will continue to increase, its lagging in inflation and all the fires are affecting it.Many homeowners are moving to self insured.The fair plan is asking for 1 billion in subsidies, purported to be funded by the carriers themselves, I have no doubt Ricardo Lara will make this happen.

I would like to start close to home as I plan to self manage the rental side of it.

Are you planning to sell the house after you finish the rehab or rent it out? 

It sounds like maybe you are planning on moving out next year, in which case, maybe it makes sense to wait to start investing until then so you can take care of down payment assistance and grants. 

I feel like right now is one of the hardest times to find deals, but I still want to start asap and go slow and steady, with a long term plan.

Rental arbitrage isn’t common in my area ( high point North Carolina) but I was planning on starting in another state.