Any ideas would be greatly appreciated!

If you go through brokers or even reaching out to sellers, it's a good idea to keep in mind how they will see you.

I have no idea about Long Beach - but I have plenty of clients buying in Tampa with similar rates who are turning profits even with management.

@Joe Villeneuve @Theresa Harris, thanks a lot for taking the time and provide some info/ideas/suggestionsTo give you some color for these properties, there is a 15 years-plan that my wife and I are planning to have arround 5 to 7 properties in the same $$$ range (-+ $200K) that we can rent them around $1600-$1800I believe after 10 yrs, I am expecting to a better cash flow considering some loans will be paid in full, but maybe the next properties will have as you suggest 30 year-loan. 

Unfortunately - my current lot for my primary is 1 acre and VERY sloped, and close to a water source (creek), so the county has not even allowed me to permit my downstairs finished basement without an extremely costly renovation to our septic (over $60,000, and that doesn't count demo'ing and replacing our driveway to get to the existing tank and leachfield), and even if I could permit it, it would essentially need to be a treehouse in the redwoods due to the slope (not a bad idea though, I would actually love a livable treehouse on this lot!

If this is the case, not a bad idea for you as it will be a good learning experience.

Based on how they respond you have an idea of what they are willing to do and you can now go and find that property.  

Crazy idea: Actually the easiest way to achieve material participation in some cases?

My idea is to get an apartment and make sure it’s okay with the owner to rent it out as an Airbnb.

Nice idea, but if you can convert it to gas/propane, I would do that.