I think step 1 is to look for great buys and just make an offer once you have your foot in the door with a great deal work on getting necessary contractors otherwise. 

If someone would have given me a little advice on how to do things without charging me an arm and a foot, it would have helped me tremendously. 

Here in California on a 1200 square-foot house it’s almost impossible to have a “good fire” (that’s what we call it) that is less than $100K in damages if it’s a complete gut to the studs, with even minimal structural damage would be over $100k.

While I was looking at more traditional three or four bedroom SFHs, I came across a FSBO 1 bed/1 bath 450 square foot home, built around 1950, being offered for $45,000. 

I would remodel this to a high standard with really nice finishes to attract better tenants.I am buying it sight unseen and I am a little hesitant about the area.It's on NW 45th St, Miami.The purchase price per square foot is a mere $65, which is well below the current market average, even for the area.Are there any Miami locals who could chirp in with their opinion on this one?

On the development side, the current price per square foot isn't worth it, those I know currently in development had contracts with their contractors before the rates began to climb higher and higher.

It's great that you are putting your foot forward to take some action toward your goals.

I am sure you saw the press about the 800 sq foot home that sold for 2 mil in the Cherry Chase neighborhood.

Id say the majority who buy in them are aged 30-50, married with high incomes, and are just past the point in their lives you are in in your twenties and used to live in downtown in 500 sq foot apartments. 

I comped some cost per foot when copaired to the nearest larger city and matched that to the average household income to get a better idea.