MLS-listed deals are a bit harder to find, so investors here have had to get more creative in sourcing deals either through their own hustle (door-knocking, website, direct mail, driving for dollars) or finding good wholesalers to feed them deals. 

However, this has back-fired because it takes time to drive out to the home only to get a firm "NO" to your request.   

@Dwane Twente so this is basically a rental arbitrage company.   

Managing your budget is basically advertising as needed.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

@Chris Ke With $200K for a down payment and the ability to invest full-time, consider starting with a 4-plex or multiple single-family homes (SFHs) within a 5-hour drive of Los Angeles in areas like San Bernardino or Riverside.

I would focus my attentions here and try to stay local (within a 4 hour drive) as the POH rentals require more engagement.Financing is a tough deal... but sometimes you can find those Mom and Pop operations with quite a few POH rentals that will work with seller financing on a reasonable interest rate with a balloon within 5-7 years. 

It will familiarize you with the basic terminology and benefits.

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

I did find this deal driving driving for dollars, the realtor of the property was adding his sign in the front yard, I approached to make and offer. we close in 3 weeks.