I have learned a ton on these forums though I’m posting for the first time.what does not get mentioned enough is that if you want to scale slowly using low money down FHA/conventional loan approach and live in there for 1 year, at a time, you should not write off all the rental income on your most recent tax returns for the existing rental properties.

Income fluctuates tremendously in most 1099 real estate occupations (being a Realtor included) so having that put away will be vital to your comfort and peace of mind as you get started.(1) figure out how your minimum monthly income needs (this may change as you move to a different city and get out of college life, so estimates are fine for now)(2) cut out everything extra until you've put away 6 months reserves(3) live way below your means so you have extra money to save and investGood luck and congratulations!

But that set aside, my point is not to define shortage (it is what it is, lack of supply), rather to explain WHY it exists.

You need someone who clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.Where to find a mentorStart by looking within your existing network.

I also make extra payments on existing mortgages. 

With the right planning, you can create a seamless transition that provides the best possible coverage and peace of mind for your business.

So many more people on here more qualified to answer this than myself, but my thoughts....Have to focus on areas with existing infrastructure. 

Otherwise, rent ready does a lot for your peace of mind, saves you cash because you aren't renovating it and you can collect rental income right away instead of in a few months (took us 5 to finish our renovations and cost us nearly $3k a month to hold it). 2 bedroom homes usually don't make sense numbers wise - too many set costs in building a home that make 2 bedrooms higher PPSQFT and the appreciation isn't as strong.

Including taxed money seems weird since it's not part of our budget, we never see it, and it might as well not exist as far as our daily lives are concerned.

I’m not super keen on having long-term tenants in a single-family home in California, but I’m open to advice on that.The house is in decent shape but could use new flooring, a paint job, and potentially heating and/or central AC, as well as blocking/taking out the existing fireplaces (don't love the idea of fireplaces in a rental).