In the Los Angeles market, I'm still having success buying homes off the MLS (often over asking) by adding REAL value through additional square footage or starting from scratch by knocking an existing property down to build a bigger and better one. 

AND should I try to start where there are really successful agents like her I can be around or is that not a good idea?

@Howie Baker, I have been very successful at (so far) by calling property management companies and asking if any owners of MFUs are thinking about selling.

It takes the right personality to do this successfully.. 

LOLBut as @Bill Brandt mentioned you should not have to pay "income tax" (state or federal) if the property operated at a loss.Congratulations on your success in Ocean City, MD!

Has anyone had success in the Orange County/ LA/ Riverside/ San Diego area with wholesale?

I have a VR in Big Bear that I have had great success with.

How have you navigated this successfully?

this added detail sure helps. triple check your arv. that and the repairs are key to your success. 

But BP podcasts, headlines about successful real estate investors and just about everyone I talk to says- building a rental portfolio is the road to true wealth.