I have not started buying real estate just yet but want to set myself up in a location where that would be feasible, and unfortunately CA is definitely not a market I see myself beginning this career in.

The transfer from 2 to 3 units is not feasible anyway because of the amount you would need to spend on egress requirements so that wouldn't be an option.

However given my budget (probably ARV of 200k), and the markets physically close to me, I don't know if that is feasible.

Is it feasible to do a sub to in this market?

Also, and not sure about the demand/feasibility in your area, maybe furnished short-mid term lease.

Also, purchasing homes cash in Lubbock is much more feasible than my local market in Colorado. 

You would just ask for a contingency period (aka option/feasibility/due diligence period) that is a timeframe that gives you enough time to find a buyer and hopefully there is enough time left over for the buyer to check what due diligence the seller has in regards to any construction docs (aka architecture), engineering, soils, etc. 

@Junior Salters - I do have minimums that I look for but it is not always feasible.

It's mainly to create construction documents for home construction, however, we use the Siteplan portion of the program preliminary siteplans to conduct feasibility studies with the city municipalities. 

I had an unfortunate experience with my first Realtor... she would pull three or four houses that she thought were feasible and if we didn't like them she would do it again.