Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

I mainly operate in the Southeast part of the U.S. 

Here are my four main goals:Goal 1: Buy and Hold in Developing Areas (Texas)I plan to invest in underdeveloped areas where I see growth potential, buying at a discount now and holding for long-term appreciation as development takes place.Goal 2: Wholesaling Discounted Homes (Texas)I’m also thinking of wholesaling properties in those same areas.

You can definitely house hack in California, too - you could buy a place with an ADU, live in the ADU and rent out the larger main house.  

I am mainly trying to understand the chronology of steps to take for my first investment.

I was able to get an inspection done and from that I know the main work needed is as follow:Under house crawlspace:some foundation pillars or crumbling and need replacement.Major leaks under main bath causing wood beams deterioration.Multiple minor leaks to wood beams in different areas as well.HVAC duct work is leaking at connections.

My Main question is - How can I acquire land out of pocket. 

The main reason is labor, and the cost to live around this area is not cheap, so skilled labor demands high wages and benefits. 

Now, if you're main goal is cash flow, then this is likely not your place to go, but if you're open to cash-flow neutral, then you're likely to see some great long-term appreciation.I've worked with an awesome investment-minded Austin agent when she was buying up in Denver, and she's got rentals in Austin that are doing well, too. 

It has become my main motivator for learning so much about real estate investing the last 1-2 years.Where I'm at now is I feel like I'm missing out on other stuff I could be doing to achieve my goals.