Start small, focus on cash flow, and reinvest to hit early retirement.

You need income to qualify for loans, you can learn how to manage rentals well (something most landlords never do), you will figure out which communities/properties make the best investments, can earn an above-average paycheck, and may even find some investment properties before they hit the market.

Trying to keep things simple with long-term single family rentals til I hit my conventional limit then will try different strategies with different funding options.

Let those be the backbones of your downside, weigh it out then hit the ground running.  

I would start out by only opening the first few months to see what hits.

.: @Steve Chaparro Love the detailed plan—your numbers look solid, and targeting 70-80% of ARV with a $600K purchase and $200K rehab to hit a $1M+ ARV is ambitious but achievable in LA if the market holds.

If you can hit those numbers you are doing awesome. 

Assets identified in this study include:Appliances: Dishwasher, microwave, oven refrigeratorInterior Finishes: countertopsFurniture and Fixtures: shelving, built in cabinetry and decorative light fixturesSpecialized Equipment: Electrical systems and specialized wiringHVAC controls and specialized components63.6% of the total depreciable basis was classified as 39-year class life.

This is a competitive sellers market at the moment with a lot of players working the MLS, you can get some nice base hits here and there, but I don't know of anyone that's hit a homerun buying on the market lately.  

I find that less than 1 in 10 really do much about it, but it's very rewarding when one hits that million dollar mark.