I could move into a property that looks like a good deal (either in SF or the Easy Bay) and secure an FHA for 3.5% down by virtue of living in the property as my primary, rent out additional rooms, and essentially function as the property manager.

The one that is leaving wants his security deposit back.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If a tenant gets a protection order, I'd change out the locks and probably install a security camera.

Trying to avoid neighborhoods that would require me to hire security for a property, but I don't mind taking some risk.

Would finding a wholesaler to secure deals for me be counterproductive?

Insurance costs will go up when your value goes up, obviously and the bank will likely make you secure a year of premium before refinancing.

Also ensure that you get the security deposits from the seller as well.  

However, since we are still devouring loads of information in order to get started, that decision isn't 100% final yet.We own our home, and are in the midst of selling an apartment that we own out of state in order to secure funds and start investing in Tampa.We hate to admit it, but we almost got trapped by a Guru course. 

Having money spread out in multiple investments is more secure in my opinion.