I like the strategy of having a job with guaranteed income and taking advantage of owner occupied financing to purchase a house hack, staying connected with the REI community in the area, and scaling up from there.

No fees, no minimums, been very happy with them.Unfortunately the note I own is still paying out to my custodian (did checkbook after note purchase) so the money does sit idle.

Keep in mind, it would be in your best interest to go for as high as 4 units on each purchase to maximize your door count. 

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

Consult with an attorney to provide a purchase and sale agreement in your respective state with an assignment exhibit included. 

Financing depends on your scenario and what type of property you're purchasing.

So I ended up using 0% interest business credit cards which I liquidated to purchase and renovate my property (total credit limit of about $95k total).

I've helped a lot of investors in your area, and I find that many of them end up purchasing rentals in the Central Valley for the very reason you mentioned.  

Let's assume the financials in the package are good for a moment (they probably are not) AND that you either do not or do achieve the broker's pro forma:If you purchase this asset, achieve ONLY the 'current' NOI, grow NOI 2% per year, and exit at a 5% cap at the end of Year 6, you will have a 4.8% unlevered IRR. 

@David YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?