Hard Money is going to cost you a portion of your profit that you could otherwise keep for yourself by using your own money.

@Kevin Fox - I agree that owners can use online tools to a large portion of the management (if the tools are built for them) and then licensed managers for the physical representation and local knowledge.

Hey All,My wife and I are looking to develop a portfolio of rentals in the northern portion of California's Central Valley (Sacramento and surrounding areas).

They do exist, but most are going to require a substantial portion of the project to be completed prior to releasing any of their funds into the project. 

If the property is only for us (i.e. no opportunities to rent out portions of it) then we are looking at a price range below 60,000, particularly if the property is distressed.

I as a tenant would not sign a lease, that requires me to pay a portion of that.

Find a Realtor that also manages property and/or owns local investment properties.Many of our local boutique real estate brokerages start as just that, and eventually move into managing their real estate empires and drop the traditional real estate agent portion of their business.

I have noticed in the 4 months of living in our home that there are a lot of drywall that is cracking and one portion of the floor at the center of the home has dropped at least 1-1/2".  

I have used a portion of my VA. on my current residence and plan on using the rest to purchase another property.  

You can deduct personal expenses on a vacation home for the portion that you use it on schedule A, subject to limits on mortgage interest deductions, and AMT.