My focus is on finding a discounted SFH or Townhome that can act as a live-in flip for 1 - 2 years to maximize rent potential before it actually becoming a rental for my portfolio.

The potential in the Bay Area or other coastal markets is massive, but we have seen the risk is also high and the consistency for the average investor can be low.

I just got a lender and pre approved, and have found a potential house.  

Have you checked out Facebook groups for potential leads?

They are getting what they really want, and you are crafting the deal to where it will still make sense for you.One potential issue is if what is most important to them is most important to you as well.

Knowing it means understanding what the potential (real) cash flow will be, based on what you are looking to pay. 

If your market supports medium term rental demand and you're having issues getting booked, put yourself in a potential guests shoes when reviewing your listing. 

You want to be protected from all losses and the rent check not coming for a year while the unit is being rebuilt is one of those potential losses. 

@David Denney, you've got another potential problem besides the 1/3 partner that you're keen to move on from. 

If I potentially need to move away to be on site, is there going to be any problems regarding the FHA loan?