You also don't want to put your self in a bad economic position with your first property. 

I am currently working on a few construction projects for new investors, and I don't see how they can get positive cashflow on their investments.OC is a great place to live, but you don't want to strap your cash on an expensive property; and missed out on future properties when the market is more reasonable.Good luck  

I was focused on my business for the last 8 years and now have 2 stores for my business and I am finally in a position where I'd like to get back to doing some form of RE investing. 

Absolutely.Now, thankfully, I am not in that position anymore, and my portfolio has grown to sustain itself without my personal finances being involved. 

In addition the real estate investment journey in flipping/whole tailing (no deals to date, still on the hunting mission, we’ll get there), my wife and I are considering moving out of our home (70% Ltv, been our homestead for >3yrs), getting rid of PMI to lower mortgage payment then renting it out as a positive cash flowing long term investment and buying/moving into a new home then rinse repeat in another 2 years.

Hello BP, So I’m in a tough position, I would love to start investing.

For example, if you had a duplex and lived in one side and rented out the other, you can use any positive cash from the rental to pay towards your loan.  

I'd posit that if there are 23 homes you have some great ones and some dudes. 

However, if you aren't intending to return to the area and don't see a positive (in $$ terms) exit from the property (enough to make you want to keep it) than I would cut your losses/take your profits and invest elsewhere.As for purchasing in a new area...if you intend to stay in the area then buy nice house for your family.

There has been an effort by the city to hold homeowners responsible for vacant and abandoned properties, which has resulted in positive changes.