I'm an investor and a licensed mortgage broker so I'd be happy to talk through my experience as both.

I haven't ever found an easy money scheme and in my experience when everyone and their uncle starts jumping on the bandwagon it might be time to take a step back and wait for the correction.  

My experience has been that most lenders don’t immediately move on this, many don’t take action for 6 - 12 months.  

Has anyone experience to share how the get started in a market in a different state?

I don't have experience renting in California, but if your competition includes it, I'd probably want to consider it too.

Experience helps a ton.

@Patricia Smith Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

In my experience, most tenants will disappear when they receive the court summons because they have no defense.

A deal killer has the experience that you don't.

I see a lot of potential in your situation, and I’d love to offer some insights based on my own experience and what I’ve seen work for others in your shoes.A couple of years ago, a freind of mine, also a sole provider for his family, faced a similar dilemma.