Getting a job/income and building credit is definitely the priority but as for the 40k to invest in, here's roughly what I have in mind, please correct me/suggest if it is workable - *Disclaimer :)  I do have source of income for all expenses, just not verifiable for loan application, so the $40k I mentioned is budgeted solely for RE investment, no worries about daily expenses. 

there will be many that live in each state.... turn key generally produce's a few of your trigger items not necessarily all of them though in one house.great houses and tenants usually equates to a smaller NET return... as your return goes up your sacrificing something.Unless of course you go the state your self source your deal do your own rehab and etc then those metrics are not to difficult.

Get as direct to the source as possible, review the deal, make a new contact and see where it goes.

Also after speaking to a few funding sources they encouraged me to add to my experience.

You can only allocate a couple % for this - the other regularly recurring expenses like roto rooting, regular tree trimming, asphalt sealing, etc can all be allocated as part of your diligence and be pretty firm year over year.

However, for those considering marketing to attorneys, I suggest you know your stuff better than you prospective referrals sources.

If you have the extra funds to tie up it can be a decent source of additional income.

Source of FundingI plan to start out with conventional loans.

I am planning to move to San Jose, CA soon for work, and was considering setting roots here since I might stay a few years.

Many sources, including my LOLO Landlord book, state that you have liability if you discover illegal activities and do nothing about it or you knowingly put an illegal operation there.