thats basic list one can add.Value add /  New construction / land entitlements/ Timber / Minerals/ Lendingetc etc.. far more ways to actually make money than just buy and wait for rental income to payoff debtl 

That is one of the fears is that there won't be an agreement on what he wants in a house.

They all say they will be on the lookout for me, and they are experienced realtors.I did however get one from here, bigger pockets, and this realtor hasn't worked with investors before, butis asking me to sign a contract so I am working with them exclusively.The reason I am asking what to do, is because this realtor with the contract is very new, but I heard that most realtors will ask you to sign one if theyre serious.

The best properties here are around the $700k+ so you could do it all in one property or split between two with leveraging. 

I would like to purchase a three or four Plex and live in one of the units.I understand I can use an FHA loan or conventional loan with only 3 to 5% down in order to get into the property however I live in a very expensive area and the properties I am looking at are currently 700+. 

But in theory, if there is enough movement on NOI, then yes, you could refi and recycle that capital.Generally, as you are getting started, your three main sources of information will be brokers themselves (while they may be painting an optimistic picture, the good ones are still in reality), lenders (many loan brokers will happily take a look at a deal you are considering and throw it into their quick calculators, again giving you some ideas as what numbers they expect to see), and property managers (these are the front lines who are controlling your expenses and revenues, so typically provide the best info).

One of the biggest lessons I’ve learned: if the sliding door is broken, call a sliding door specialist.

I just closed one for a client over the hill in Reno, NV. 

THEN 1031 it into another rehab that costs more than what you are selling the old one for.

No one can predict the future but generally speaking you are probably fine over the long run.Did your Realtor not mention the proximity to the freeway?