If this initiative gets on the ballot and is voted in, then it's chosen by the people as a method of ensuring they have better quality homes to rent. 

Worst case scenario she loses her job, I know she has a fallback to ensure she can make rent.

@Aaron L.i would go with Strategy 2 to build an out of state protfolio and continue to rent till you get a fair deal in LA.You should get a prop mgr who can vet the OOS property for you as well.lot of investors do take the turnkey route with build in prop mgt. ( Do check the turnkey reviews websites. lot of them are marketeers and not an actual turnkey company)you can also buy off MLS or wholesalers as long as you have a prop mgt co selected in your cash flow market.Best of Luck

I'll throw out 3 fairly easy and FREE optionsOption 1:  Directionally you can use Zillow, Redfin, etc. 

I realize that I'd still have closing costs, I'm just want to ensure I have enough cash in hand. 

When it comes to lending, it is fairly common knowledge that properties with greater than 4 units will most likely require a commercial loan.

Is there some standard way to expedite things so I can ensure the loan is in a state where I can leave my job without losing the loan?

Fair enough, but I think "reasonable" is relative.

Everything seems to be much more expensive for multi family units as opposed to multi family.Also, the turnover and vacancy ratio is way higher in multi family whereas you could have the same tenant for years and years with a sfh.In a down market, selling off one sfh is fairly easy, try selling an apartment complex when nobody has cash.

One should always pick some properties that interest them and have solid cash flow, but please ensure you have a pre-approval ready to go when something really catches your eye.