Is it better to seek that first deal here in the Southern California vicinity, where cap rates are very low, but markets are perhaps less risky or is it prudent to go out-of-state if I can find the return characteristics I want? 

But it gives his particular audience a route where they don’t have to get creative or risky, they just have to get disciplined.

If there is a military base of less than 5,000 employees, that might be a little more risky.

Furthermore, any concerns with investing in multifamily will apply to other investments where the risk is less insulated. 1-4 units will be impacted by a lagging economy, job loss, etc.

HUGE liability risk.  I

It is because you are a newbie and the risk would be too high.I could get a refinance at 95% LTV but the terms would be so poor that I would not choose to do so unless I really needed the money badly or I had a sure thing better return investment (most investments the risk is higher when the return is higher, so low risk and high return is rare).If you can extract all of your invested capital, I think that is a very good BRRRR. 

Is white risky to use in a rental?

What are some things I should keep in mind as a family member/tenant moving forward with this proposition?

So of course the "easiest way" and lowest risk is to save up cash and stick with smaller projects until you have enough to move to something a little bigger. 

It's a "less risky" investment, from a tenant perspective, and therefore offers lower returns (lower cap rates).I can't comment on the cold calling, but it certainly can't hurt.