California is not an ideal market so I will be looking at different markets over the next few months and aim to start my next stage of investing in March / April 2015.I am new to out of state investing (and went to school at Cal Poly, San Luis Obispo where the motto is "learn by doing") so I want to spend a minimum of a few months in my desired market, personally building my team and portfolio. 

I would connect with other investors in your area that invest in your desired asset class.

So, here are the “main steps” to getting going in NPNs as it relates to my strategy as I see it:1.Find prospective NPNs for purchasing [obtaining from inventory of a company like Granite]2.Perform due diligence on the NPNs [understanding the defect and why note is now nonperforming]3.Analyze the NPNs that survive diligence [crunching numbers re upb, cost of servicing, etc. to see what max price I can pay while still having a reasonable chance of obtaining my desired yield]4.Negotiate and purchase the NPN [finding the “highest price I will pay for it”]5.Park the NPN at a servicer6.Instruct the servicer to contact the owner and begin rehabbing the NPN7.If the owner is amenable and an agreement can be reached, monitor the note until it is seasoned and then begin marketing the rehabbed note8.If the owner is not amenable or an agreement cannot be reached, foreclose on the collateral9.Regardless of which avenue was taken (either selling the rehabbed note or foreclosing), go back to step 1So here are my questions:1.How do I ensure that my steps 2 and 3 are thorough?

So, long story short, I inherited a piece of land in a downtown residential area of a highly desirable city from a distant relative.

With the expansion of transit lines in the Los Angeles area moving at a historic rate and the rise of property cost (rent and own) in many areas, I see a lot of action in formerly less desirable neighborhoods.

@Alex Flowers Yes and they played age and health off as reason for desiring to sell.

Jeffrey Lester getting a STEM degree will ensure you can do just about anything your heart desires.

Your 2 children can definitely be a source of motivation and through real estate it really is possible to create the lifestyle you desire for your family.

Plus your tips on what size is desired to hold current homes.

Those who don't mind giving up some of their desires for use of the home as pertains to home businesses, guests, pets and making noise.