It sounds like you are just getting started on your RE journey so I'll point you in a few directions and give you some ideas and some things to think about.Firstly, I'd recommend reading all the books on RE - preferably the ones written more recently as the market has changed drastically over the past few years.

I would suggest finding an investor friendly contractor who understands the difference of the scope between a flip and a rental and preferably is an investor themselves.

So if you focus on one city or one niche or one price range, or one type of sale, that is where your career will end up.   

Talk to your preferred lenders about whether they see a cash our re-fi as being approved with the same standards as an investment, i.e. loan to value, debt coverage ratio, etc.

Preferably in the Oakland, Berkeley, Walnut Creek area?

Your strategy could attract a specific niche of renters or vacationers looking for more than just a standard home.

Get to know the guide lines and the Niche lending options that can make or break cash flow deals.If you ever have any questions feel free to reach out I enjoy offering tips, and loopholes to BP members to help save time and money!  

It sounds like you have a clear focus on multifamily properties, which is a great niche with lots of potential in that region.

Hi,I'm from Illinois and looking to invest in a property in Florida (preferably in the Tampa/ Clearwater area) for under 500k.

I prefer tenants pay using electronic ACH transfers through apartments.com and in those cases payment is considered made when they initiate the transfer even though I don't receive the money for days afterwards.