What type of property would be best:I'd say start small only because you are still young, so perhaps intern with a really awesome wholesaler in your area or find one that is exceptional somewhere in the country and be their virtual assistant (scrubbing their lists or doing online marketing for them] What banks would be best to get a loan from should I need one:I won't worry about the banks just yet, focus on building your foundations and in the process, you'll get a good lender while on the journey to successBusiness and real estate books/ebooks I should read:MUST buy a hard copy of Rich Dad Poor Dad & buy the CashFlow board game [find a friend of yours who likes a challenge and play the CashFlow game with them-they might be a potential partner in your business in the nearest future] Pitfalls/rookie mistakes beginners make:Make a ton of mistakes!

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

Yes, HGTV plays a role.

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!

He asked where to sign.These are common scenarios that are playing out all around us every day.

I believe the rent is under market, so there would be some play there.  

@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. 

I don't know about Raleigh  I do it in Portland Oregon market .I looked at some bigger plats in Charleston area.. and determined I would get killed trying to compete with DR and Lennar.. so we stick to infill where they don't play..In Oregon I have been fortunate..