Our state is giving a 1500 bonus to get off unemployment.  

I read about this in a blog article recently: https://www.biggerpockets.com/...Bonus Tip — How To Cheaply Transfer Property To an LLC"...you can easily avoid triggering a due on sale clause by using a land trust instead of a direct transfer.

Doing it for an OOS investment is full or risk and difficulties.Prop 13 is a CA RE investor's often under appreciated bonus. 

And you get to network (bonus)!

And you get to network (bonus)!

So if you have good ones, treat them right and don't sweat the small stuff, control what you can and perfect your systems to define expectations, reward them when they do well (bonus for finishing early, bonus for short punch list etc).

I thought I would pay the mortgage and anything above that was a bonus.

I would do a HELOC or a Home Equity Loan or even do something very creative like get a new credit card with a HUGE signup bonus by meeting a minimum spend requirement.

The bottom of the price range will typically have the best opportunity for rehab and rent, and as a bonus the level of distress at the bottom of the asking price range will typically turn off those happy couples looking for their turn-key white picket fence dream home, so competition for bids in that range isn't so crazy.

How about collecting close to market and using some towards "bonus" upkeep and upgrades?