If I were you keeping the property as 4 units and renting out bonus unit under the radar may be your best option especially if you plan to refi or do HELOC while occupying. 

Another option is to invest in the market instead of paying down a mortgage.

Either would be a great option; I'd probably choose Roseville because it's more established, but the City of Elk Grove deserves a lot of credit for its impactful growth programs, so it wouldn't be a bad option. 

I also know a few property managers I can recommend who are responsive and experienced with investors.Let me know when you finalize your travel dates—I’d love to meet up while you’re in town and show you a few options!

Or perhaps I am not considering other options, so I am seeking help from this wonderful community.

And you may not know the answers right now because you may not have much experience with each different option; and that is okay.

However, it will be hard to make the numbers work if you are borrowing 100% of the purchase price.As others have said, house hacking is probably your best option right now.

These companies invest for long term growth.Here's why exploring these options could be a win:Less competition: Fewer investors might mean you snag a better deal.High growth potential: Up-and-coming areas can offer excellent appreciation alongside decent cash flow.Unique opportunities: Discover niche markets with specific tenant needs, like student rentals or corporate relocation hotspots. 

So it really just comes down to figuring out what solution works for a given market, but it's yet another great thing about real estate: having options!

While I own quite a few rental units already, I thought condos might be a good option to gift to my kids when they turn 18, offering them a safe introduction to property ownership without too much risk.However, my challenge with investment condos is that the cash flow always seems terrible.