I think there's a path to refinance that would flip me into positive cash flow, but I'm coming up short on ideas. 

I would love to hear about your experience to date and what you have learned!

Welcome to BiggerPockets, Marc!

County has assessed for 200k but would be worth more due to the area they are building homes left and right on that road and they are selling 300k+ and up.

A great way to start is by attending RE events and joining a local investors association.

We're willing to live almost anywhere in the greater Sacramento area based on what we can afford, provided of course that the property is in a decent neighborhood that has a good chance of attracting responsible tenants.As for budget, I believe we could get a conventional loan for properties up to $600k, but my strong preference is to find a distressed property (or seller!)

Call up a couple companies.

We do not charge a fee to our members and we do receive a broker to broker fee, but it is up to the broker to pay the referring broker, and GEG opted not to pay us. 

Do you think it's better to start sooner with a cheaper property to get in, or potentially wait longer to save more? 

@Melanie Alzugray Welcome to the forums.