Hey Juan, I am a local out in Corona and we have meet ups usually throughout the year in Eastvale and Ontario all the time.

If you don't have enough capital then getting a second job, seller financing, or looking in other less expensive local areas can help with that deal.

Cap Rates really don't apply to residential so drivers are going to be much more about credit and value - if commercial, its a whole different thing - more about cap rate cash flow metrics etc

Is there unlimited new construction that would drive rents and appreciation down?

Feel free to reach out to local investors or real estate professionals to ask questions and seek advice.

As you look at different areas that you could invest be sure and look into the state & local laws, it's an important part of due diligence that is easy to overlook. 

$20K won't do much, but you might find a local, experienced investor that you trust to join forces with.

We both realized we were jumping into this not as informed as we should be however, we could not gather enough local resources or partners to guide us so we are taking a chance. 

Everyone here needs to understand that when a landlord refuses to keep their property repaired and is in violation of Local County Codes, it makes it tempting to find good rental property to move to, AND to report the property to Code Enforcement, which now I am planning on doing.

Most of the locals are friendly, nature-loving types that enjoy activities like hiking, camping, snowshoeing, and live bluegrass music.