It sounds like you've already taken the proper first steps, which are to learn as much as you can and then to define your investing strategy.Your dollar will certainly go further in the Phoenix metro area than it will in Orange County, and there are numerous 2-4 unit multi-family properties in Phoenix, Mesa, and other suburbs that are within your budget. 

As a borrower myself here in Southern CA, I have done at least 40 fractionalized notes with lenders and navigating through this process as a lender without experience (not sure what your experience is since it was not mentioned) can also be dangerous without the proper guidance.As David mentioned, $110k in CA is not likely enough to get you in first position without fractionalization.

This will help you to go through all the different loan options that are out there and help you to decide which product - A- that you qualify for and B- fits your specific needs. 

I love the 203k and home style products.

Make sure you give proper notice to discontinue the lease at the end of June, most states is 30 days unless expressly noted in the lease language. 

I feel it will be tricky to find financing that early but hopefully I build proper connections and create a game plan that investors will feel confident with the deals I will successfully make profitable. 

Credit Union also has some great loan products for non-owner occupied homes.Have fun!!!

If unsure, always consult a CPA for proper guidance and tax strategies. 

But as with anything, with proper management and teams in place, you can really buy anywhere for the right price. 

Unfortunately in my situation I just can't afford for now but in maybe 3-5 years I am sure I can work hard and make it profitable again by adding new products, add more service ..etcSo instead of worrying that the banker will knock on door and found out that I was no longer there. 1.