Find a partner, find co-workers/friends/relatives you wouldn’t mind living with, find a property you can buy for less than your current rent.

A great way to get started if you currently have a W2 job is to buy a house hack like a duplex or a fourplex where you can move into one of the units and continue to rent/manage the other units.

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

I'm currently renovating my rear unit and it has the perfect layout to split into 2 units by adding a wall and an additional front door.

If your rent ends up being comparable to your current mortgage, it might not give you the cash flow flexibility you’re hoping for.

And, yes, you don't get any current savings if you can't use the losses.

Im currently house hacking a triplex property I bought not too long ago with one inherited tenant who was there when I bought the property. 

Quote from @Ven Bud: After hearing to lot of bp episodes on negative cash flow, I have a question.I am currently living in my primary residence and planning to purchase an investment property, and obviously it is going to be a negative cashflow (bay area), but I am of the opinion that as long as the rent on the investment property is atleast going to be greater than my current primary residence mortgage it can still considered as positive cash flow investment.The investment property is going to be in a much better location (for office commute, bay area proximity) than my primary residence.

So far, I've read The Millionaire Real Estate Investor and I'm currently reading The Book on Rental Property Investing by Brandon Turner. 

I currently work with investors looking to build their portfolio with single-family, long-term rentals while managing for them on the back end, making is hands-free for the investor to still work their W-2 job and live their everyday lives and spend it with family, hobbies, etc.