Great Question RobertI would suggest you look at the money you would have to spend and go with the most cost effective plan that makes sense for you.

a revised drawing will have to be made for the effected areas and then submitted to the building department. you can usually continue with the work while they review it if it is minor interior design.. 

I suggest driving around any town you may be interested in investing with and then reaching out to a realtor who works in those areas to learn more about the market(s).New Haven and West Haven offer a great selection of properties, are near several universities and can make investors money and can get quality tenants if your application guidelines target quality over quantity.

Been saving up for my first real estate purchase and have $30-35k in cash to work with, this would be a down payment (~20%). Problem is, I live in the Bay Area and can't get much which fits my budget or return expecta...

One of the reasons I like real estate is the local influence on prices that at least buffers some of the outside effects of recession & monetary policy.

Its cheap (or even free) and effective. 

Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Since you didn't mention a REI area of interest, I added links below to the most popular niches, from which you can select one or all.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

That’s great news, because as an investor yourself, you benefits from having a diverse selection of deals from which to choose.

., however we find it to be pretty effective on dialing in what should and should not be considered. 

@Ryan JohnsonWelcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Seeing that you didn't list a REI area of interest, I added three of the most popular niches below for your selection of one or all.