We are trying to formulate a 5 and 10-year plan with the ultimate goal of becoming self-employed doing REI and investing in our own wealth and future. 

By the time I found something, closed on it, did repairs, and got renters in there, I would only have a couple months of self-managing before I have to leave in the hands of property managers.  

But I want to learn and get started on a path that leads to a secure stream of income that will be self sustaining.

Property value $360k~- Property owner is self employed, can't get a loan from a bank- Primary residence for ownerHow would you underwrite this deal (property and owner), negotiate terms, ect?

They might as well self manage ( or mismanage) in that case and save the 6-10%. 

*Self Management - we self manage from afar (homes in SC and VA and live in CA)*Higher End Homes - We find higher end homes allows for appreciation and tenants that allow us to self manage. 

If I self-manage for 5 years I can have them paid off, at which point I may transition them to residential rental and have them managed for me.  

I've been doing my research and online self education for real estate investments for about a month.  

In the first instance, it would probably me more cost effective to build self-storage units.In the latter case, what would be your plan when the person no longer wishes to rent the unit?  

I am eager to learn and I'm very self motivated person.