City isn't likely to let you rezone it anyway (assuming it's in a single family neighborhood) and it doesn't really become multifamily until you add a second stove and range (like you might in a casita).All in all, take a look at the CC&Rs and the HOA documents to see if there is any limitation or restriction on leasing your property (such as no short term rentals under 6 months) and do all the normal due diligence and screening of your tenants and you shouldn't have much problems at all.

It ended up going under contract for $150k over asking (~$1M price range). 92% of new listings last week went under contract.

Low equity, motivated sellers buy via xfer the deed and take over the mortgage payments;  IE subject to.use redfin.com, search on rental home price range in your area, 3/2, >90 days on market. 

Being my first home and not knowing much about investment one thing i did learn was to be more aware of how the condition of the units were and using that to my advantage to negotiate for a low price range

Although it will probably be out of my budget range as a beginner investor, I'll do what needs to be done to come up with the funds as I am confident that after it is renovated I will have built a considerable amount of equity in it.

Now, the deaths can easily range from 200k to 4+ million.

Ten minutes ago some of our brand new inherited tenants left here with a pickup truck containing a bunk bed set (and four twin mattresses total), a dresser, a new burner pan for their range and a toilet flush handle so they can replace the shoestring they're using to pull up the flapper.

They should know the area well enough to at least give you a range.

I think you will do the job poorly if you hate it, but there is a range from like to love and somewhere in that range is sufficient.In addition, I have found that I enjoy and get excited about my business the bigger and more successful it becomes. 

If not your time is best spent finding deals, ranging financing, delegating the work and getting the property rented.