For me this involves making a lot of spreadsheets, but I will give you the outline.1)Establish risk capacity and tolerance: Capacity=how much can you afford, and tolerance=what you actually feel safe spending2)Use that information to narrow down what is available to buy: The amount will buy you a duplex in PB with 2 1/1's, will also get you a 4plex in Lemon Grove with 4 2/1's3)From there do the research on all of the available units that fit your criteria: This includes, but is not limited to, historical data on appreciation, market rents, historical rental data, and migration trends.4)Don't be afraid to wait for the right propertyI hope that I was able to simplify my process for you in a way that is helpful.

Any regulations, limitations, or potential that you have uncovered and would feel comfortable sharing about.

Purchase price: $38,000 Cash invested: $48,000 Single family, Home in an older established neighborhood needing complete updating.

It's funny how nobody demands regulation to make Escalades more affordable....... 

This country has the toughest regulations when it comes to Equal Housing Opportunity for the most part, except when it comes to convicted felons.

Not sure if its a regulation issue or what it is, but I've only been able to even entertain the idea of doing business with HMLs on the MN side of the border. 

Two contributing factors are high construction costs and regulations that make obtaining a construction permit difficult.California already has a large housing shortage.

Established neighborhoods often come with more mature landscaping and amenities.

I like to establish trust and a willingness to work with my new tenants.

3 Steps To Take Immediate Action:1) Set small, short-term goals (establishing a one-year, three-year, five-year goal has helped me tremendously)2) Seek help from people smarter than you (I am never shy to ask questions, even the stupidest ones)3) You grow through what you go through (We will make mistakes along the way and that is ultimately what will help us become better investors)