Maybe it would work in an area like the Inland Empire.  

I'm currently looking to buy multifamily (apartments) in Southern California 4.5-6+ cap or South/ Central Florida 6+ cap (LA, Inland Empire, South East Fl etc)I currently own manage a portfolio of about 40 units with some ownership.Search: 15-50 units (this varies a lot...currently we're looking at south LA versus Inland Empire.)So a little background on how I usually buy a property...

Hi James,In my opinion, CASH is king and the cost of money is very cheap (assume you can get a lower rate then what was done in 2008) so refi the property under one note - cash out- and put it into another place to build your empire. my two cents but I'm sure their are more details that I am not aware of.

Buy a MF cash flowing property using FHA 5..Be creativeOther Tips for new BP membersHere are some new Member TipsTip # 1: How to Use @Mentions on BiggerPocketsTip # 2: Setting up Keyword AlertsTip # 3: 25 Tips for Real Estate SuccessTip # 4: Check out the Start Here pageTip # 5: Check out BiggerPockets Ultimate Beginner's GuideTip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen to BiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant CardoneTip #7: VotesTip #8: Meet BiggerPockets MembersTip#9: BP Webinars Good Luck!

If you like southern CA inland it will cost more. 

A house across the street was flipped 6-8 months ago and I saw it sold for roughly 160K so there is some room to make a little on the flip, but I do like the idea of building a rental empire too.

Investment Info:

Single-family residence buy & hold investment in Fredericksburg.

Purchase price: $130,000

Cash invested: $47,000

Townhome- 26k down payment-7k Closing costs- 14k in updates/repai...

The BP podcast has a ton of great information and I would start out with Build A Rental Property Empire by Mark Ferguson.

The Inland Empire and High Desert is still affordable. 2-4 units in the High Desert are between $90,000-$120,000 per unit and the rents are between $800-$1000 for the average 2 bedroom unit.

I'm the son that's be rambling about building a RE Empire.