I suggest building a strong team around you (broker, mentor, lender, etc) for your first investment at least to help you gain experience.

If your reason why isn't strong, you'll give up.A huge way to combat discouragement is to listen to the podcasts, read the blogs, and interact here on the forums.

Look into an FHA loan as an owner occupied building has strong financing options. 

Make sure you start with some strong contenders.

I'd suggest building a strong relationship with an agent who can give you proper after repair values as well as understanding if homes are moving in the market.

On the wholesale side it sounds like a lot of work for less than $1k.Correct me if I'm wrong, but I believe owner occupants get first look on HUD properties and are allowed to finance them.I would strongly suggest taking 5 or 10k of that 20 and doing a targeted direct mail campaign.  

I found out that zip code: 90001, 90002, 90003 have pretty strong rental incomes.

There are several concerns I have with this.1)  First, you went from ignorance is bliss to at minimum a very strong suspicion.  

If anyone is looking for an investment friendly realtor, who really cares about helping his clients, I would strongly recommend Dakota Cooley.

Also, if it's a strong cash flow property you can borrow the down payment and some rehab cost as well(maybe a family member).