Mortgages fell from 15 plus percent in the early 80's to 7.5% in the mid 90's.

Most managers have a set fee as a percent of the rent. 

I will often do this math and show how CA makes more money in a few years than a lifetime in the midwest.

So $2.4k year profit in rent (almost no income tax to pay on the rent), and possible appreciation of say 5% or $20k).So we are putting up $200k of our own money to get a $22.4k a year profit or 22.4/200k or 11.2% percent. 

Some of them are even true.Landlords are immersed in the human experience every day.Landlords are required to be a strange amalgamation of amatuer mathematician, contractor, lawyer, counselor, arbiter, designer, landscaper, mediator, administrator and bookkeeper.Landlords have watched the deal of a lifetime turn into an infinite chain of problems after the ink is dry and the money is long gone.

Everywhere I look in socal, house values have skyrocketed and gross rents are in the single digit percents. 

I will be purchasing with a conventional mortgage which requires 25 percent down.  

(What goes up, must come down) I believe it won’t crash like 2008 and the ARV will still be a positive percent when it does but my question is, do I wait until I can buy a single family or small multi when the price is cheaper or get started in my real estate rental business now?

For example one county might tax properties based on 10 percent of assessed fair market value, while another might assess at 35 percent which could explain why the tax assessed value for this property is $120k less than asking price and is also why not many people use the tax assessment as a tool for determining true fair market valuation. 

Whatever you do, don't go after that grand-slam, one-and-done, can't-miss, all-or-nothing, once-in-a-lifetime opportunity in your first deal.