Sorry to be blunt, but you were doing everything wrong that you possibly can do.

We are open to investing locally however living in Orange County CA, I don't know if that is possible?  

I am all for saving as much money as possible in your bottom line.  

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

Although we try to limit our Hard Money as much as possible due to the cost.

When I return to the country after my Au Pair contract ends, I hope to live in the property as my primary residence and house-hack as well.I understand that investing remotely makes things more challenging, but I am also ready to be uncomfortable and challenge myself in this journey as I know it is 100% possible.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

While it is possible to convert an investment property acquired through a 1031 exchange into a primary residence, this requires careful planning.

Is it possible to do DSCR with mobile homes?

I worked more hours than possibly anyone I knew.If you do not want to work hard, then value adds may not be the best path for you.