@Nikesh Patelwelcome. please recognize that it is very, very difficult to achieve cash flow at this time UNLESS you employ a hands-on, time intensive, creative strategy, OR a combination of such strategies. 

Let's look at your situation LOGICALLY:)OPTION #1With your combined $100k for a down payment, you could buy a $1M+ SFR home in California. 

My wife makes less than $3,000 a month but we are able to live off of that and still be saving $1,000 of that a month (so keeping our combined expenses under $2,000 a month).

You'll want to enlist a CPA who specializes in real estate, trusts, & flow-through entities (this is a somewhat rare combination to find in a small/single-member firm, you may want to look at a larger regional firm to assist you if you can't find anyone who suits you at the smaller level).

Combine this website with podcasts, books, and first hand experience (walking properties, calculating cash-flow, making offers, going through closing) you'll get a free education on REI. 

My wife and I received nearly 250k combined.

Making such a blanket statement on item #2 is not reasonable (Im sure you will agree once reading my explanation) as the combined LTV plays a hudge role. if the first was $100k, and the second was $25k and the value was $300k, would you say no way to a $25k loan at risk in second position with $175k equity spread and a combined LTV of 41.6%?

This Mountain Modern condominium has high-end finishes in kitchen and bathrooms including heated floors and custom built-ins in the living room.

This price hike suggests a competitive market, with supply increasing relative to demand by a notable 21.4 percent, resulting in a 1.7 months' supply of homes for sale.This recent development in the Charlotte real estate scene is likely influenced by a combination of factors, including a dip in mortgage rates in December and a nationwide increase in housing supply.

That being said, this data combines several key areas around Boston proper to provide statistically relevant data; it is less likely for big swings from individual towns.