Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Of course, searching for a market that's over a minimum size, helps. 

By no means an expert in 1031, but I have used the tool to purchase property locally here in Telluride.Maybe some of the experts can correct me if wrong, but you may be able to use a reverse 1031 to give your timeline a little more flexibility.  

The responsible and prudent investor should be taking advantage of both.The key difference between these tools is in their goals.

You should look for a steal in the surrounding area (you can draw a map as you search on Zillow) or try the area in the Valley Arts section of orange, its near the campus, the price of the properties are relatively low and theres a midtown direct train there (the highland park station)

Aim to establish contacts to help you (contractor, agent, PM, etc) within next 3 months. search for a home for 3-6 months (that meet your risk level) and close.  

I am doing my research into this and wanting to know what you recommend as a great tool to stay on top of the rents, organizations, formulas etc.Ray

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingWishing you the best! 

I've very new at this and I understand the MLS won't be the best place to find deals, so I plan to do more proactive searching and finding a real estate agent ASAP. 

I am attempting to put to good use the analytic tools from bigger pockets to help me learn how to evaluate possible deals.