However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

As others have said, there are other options at lower amounts too!

I'd be very open to that.A High Yield Savings Account at 4.5% yields a close to 2.5% after-tax amount.

I also wouldn't be where I am today in terms of my contacts and relationships with vendors, to be in a position to self-manage confidently out of state.All that being said, if another deal with the same amount of hair on it presented itself to me today, I would pass simply because my risk profile has changed.

(I also had to come to CA for health reasons, so I am not sure if that is an exception) - You can use that reason to excuse the amount of time you lived in it. 

Assuming you've met that, your original loan amount was ~$364,500 with 10% and a purchase price of $405k.

But you should budget this in with the amount of capital you have.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Except I'm a lot older now, and have a decent amount of cash with a blank slate.

Quote from @Michell Chase: It isn't a large amount but my concern is that if I remove the tenant in July I have no deposit in the event that there are damages to the unit.