Where FHA tends to shine is with credit below 680-700 and/or higher DTI's (over 43%).Also, whether you use an entity (such as an LLC) is largely irrelevant on your return, whether cash on cash or any other metric.

Of course, easier said then done, and evictions and issues/extra expenses pop up, but if you keep the long term vision, it tends to build on itself quite nicely.

I tend to charge more than market rent for my new construction investments. 

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Here are a few simple and free ways to learn: Go to real estate meetup groups, attend open houses and speak with the agent there, inspect FSBOs (for sale by owner), walk your area, and speak to people tending their yards.The idea is to engage with other people and ask, Ask, ASK questions about their experience with the local market.Some other ideas: find a home inspector who will let you tag along in a property inspection, and absorb what they are looking at and why.Your mindset and enthusiasm for learning about real estate will open many doors for you.Good Luck!

Online Facebook groups can be fruitfulOnce you find a property things tend to move fast so have a good contractor available to help you estimate repairs. 

I have read information that states newer homes tend to appreciate faster after they first come onto the market.  

We tend to offer this to Owners to figure out the best route for them to proceed on development/building/renovating.

Quote from @Brian J Allen: I haven’t come across many articles connecting the Dunning-Kruger effect to real estate, so I thought I’d share my thoughts.In short, the Dunning-Kruger effect explains how, when you know very little about a subject, you tend to think you know a lot.

Owner occupied properties tend to be better buys - well taken care of, and major cap ex usually doneBest of luck!