If I see a listing come up that I want access to ASAP, their value is earned by getting me in and drafting the contract as fast as possible.

House hacking locally is typically going to be the least risky way to get started, even if it is more expensive of a property.

The capital stack especially in CA is VERY complex and typically involves everything and more that you mentioned.

The ARV on small multifamily can be a bit tricky as most appraisers will like to use the comparable approach as to an income/NOI approach typically used by larger (5+) multifamily properties.

A monthly fee (typically around $5-20/mo) is added on to the payment.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Louisville is fantastic for cash flow and is a safe place to start since we don't typically get caught up in the roller coaster effect of steep appreciation followed by sudden pull backs when the market isn't red hot.  

Also, not sure what relationship you have established with your property manager but typically people hire managers to take care of this part and be tenant-facing.  

Save your hard earned cash for down payments and repairs.    

Most on-market deals will likely not fit your investment criteria unless you allocate a substantial downpayment, often at least 30%-35%, or negotiate a price reduction that fits your requirements.Furthermore, while this is not the case for all metro ATL markets, my team and I typically see that a solid portion of the small multifamily space is comprised/orientated in neighborhoods of other small multifamily properties.