There are some syndicators who just take slim margins on stabilized properties and take fees going in and then live off of the asset management fees.

However, after speaking with some people, I have been considering using an FHA loan to purchase my first multifamily property within the next year or two (the inventory is slim, so I am on a long term hunt right now). 

I have been running the numbers on a few MLS listings that caught my eye and it seems like Juneau runs on slim margins.

To find something you're going to have to get out and meet people though, the chances of finding a good deal on the computer are slim to none. 

What's the point in talking to my co-workers/friends/family-- they won't understand, and the chances of them actually doing something with my advice is VERY slim.   

Your business model is not unique and given the fact that you are a recent graduate I doubt you have much capital.The arbitrage between yearly rentals and weekly/daily rentals provides some upside, but the profits margin is slim and you are going to need to find buildings that allow short term rentals.

However, any increase in your costs reduce your already slim Cash Flow. 

The seller is not interested in selling the property in that fashion and our market is very slim as far as quality homes you can purchase in this manner.

The numbers we’ve ran will work while we live there but when we move out our profit margin will be slim to none.

As someone who is just starting his investing career, I considered Temecula as a possibility given the lower price points and potential for appreciation, but it sounds like positive cash flow in the current market anywhere in San Diego with a ~20% down payment is slim to none.