It’s a different game I’d say in the Bay Area.

Is there a single industry/center in the area that drives jobs?

If this is what you have been looking for and you have talked to the seller and found out his story of retiring from the game, looked at the numbers and it makes sense for your "WHY", then all that is left is to execute on the deal and stay on course with your due diligence on the asset itself. 

My game plan is to purchase with an FHA, renovate myself (I estimate roughly $15,000 for me to do all the work) then hopefully refi out of the FHA after a year, and also be able to pull some cash out to put towards another rental.

But analyzing the property with the garage income seems like a game-changer.I'm appreciative of any feedback the BP community has to offer...thanks!

@Kyle J. perhaps I am assuming too much, but as the OP is new to the game and that the property was gifted to him I came to the conclusion that he put the property under a standard HELOC as owner occupied and then moved overseas as an expat. 

DR and Lennar basically will only buy ready to build lots.. so I have a few larger projects in the works.. 92 lots and 164 lots.. that they swear ( pinky Swear) they will buy from me when I get them shovel ready.. 7 to 10 million dollar risk and they could say no if they don't like what the market is doing.. the 92 I am going to do if they don't buy it I will build it.. the 164 I have to flip or I will not exercise my option at walk away from about 250k in cash I Have in it presently.. but that's the land game .. big risk big reward.. if the 164 goes right I will make about 4 million on  the same 250k invested.. roll the dice right ???  

If you are-Not pounding the phones calling sellers daily-Not reaching out to peers daily for insight and connection-Not educating yourself through webinars, books, and commentary regularly-Not attending conferences where you learn industry trades and secrets

I have one young lady looking to get started wholesaling meeting me this week, who else is game?

if you syndicating or have an equity partner or two..and if you don't have any money to buy a type of property that your looking at...you may need to have that equity partner show funding as well.Or if you have the funds...just show them that and that your This is just how the brokerage industry is sometimes...