When I say manage I don't necessarily mean managing the property yourself, but you could hire a management company, you could put a team of people together to assist you with investing (agent, contractor etc).

What did you end up spending on rehab, holding and borrowing costs and overall profit if you don't mind sharing?

@Joseph Rath keep saving and once you are ready to pull the trigger then you can absolutely house hack a duplex with FHA financing and sellers assistance to help with closing costs and get into a duplex under 200k for $12,000 or less total investment

One rental (somewhere outside bay area, but possibly in CA, < 240K) and other SFH (in bay area) somewhere next year.I want to keep my current condo as the HOA has some renovation plans and it will be hard to sell in the near future.I spoke with my lender, but they mentioned that if I buy a rental property then they will provide little loan (~500K) for SFH if I keep my current condo due to the debt to income ratios.It would be helpful if someone can suggest me ways or strategies to buy the rental as well as SFH in the future i.e. more borrowings.

If you use borrowed amount, interest rate, and term - you can check the 'principle balance' FCI is reporting with your own amortization schedule.

In my own business, I have a business partner, a licensed assistant, and I'll likely hire another part time licensed assistant just to make sure there is always someone who can show a home when the need comes up.Also, you might want to get comfortable with making offers without seeing the home first if things are moving that fast. 

Please let me know if I may be of assistance. 

With a focus on partnerships, borrowing credibility is a good accelerant.

There are great services out there that assist in marketing your property, creating online applications and screening your tenants for you. 

A cash buyer and a borrower will have different holding costs, a guy running his own job verse a guy hiring a GC will have different rehab costs etc...