I'm not confident in my response on this one, but I have a feeling that @Rich NG or @Charlie MacPherson would know? 

Early on a did a series of affordable housing multi-families where I found the deal, manged the purchase, renovation, got the financing and put in place management, the cash partner put up the down payment and any money for reno.

I think you need to have property management included in your analysis in order to have some confidence in your calculations (even if you intend on manging the property yourself).

It would be difficult to mange from another state.  

This will be the easiest to mange and handle if it's going to be one of the few you have.Avoid the sub 50k turnkey that promises you something like 8-1k mo in rents, this will not be a good investment for someone just starting out.

@Albert Ng just so I'm sure I understand.

@Albert Ng  I am not sure whether Bay area is good market at this time.

@Ben Ertl  if you and your future wife are going to be living there, spend a little more and get a better neighborhood that is easier to mange.  

@Albert Ng what does it mean unincorporated?

Good advice all but like @Albert Ng said I will just have to go experience it for myself.