Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I have never done this, but am interested in this conversation.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

However I believe it will be a longer conversation than works on a message board.

Hi @Kyle Buyers, add "silicon valley," "California," and "bay area" to your keyword watch list, and you will see the conversations and the people. :)

If you opted to go this route, I'd recommend a lengthy conversation with at least one, or ideally a few people who have done this before.

Having these conversations with the CPA as I converted my books has completely changed the way I think about my record keeping, how I take draws, how I may structure partnerships and investors going forward....Other than perhaps a good real estate lawyer, from my experience, a good CPA is critical to a young real estate investor's performance. 

Then when you get out (if you get out, if you are doing a career this is a different conversation) you take your raft of money and start house-hacking. 

I am a new investor myself with a whopping 1 deal under my belt, so I'm not sure I am the best advice, but I would say the absolute first step is to have a real in depth conversation with you bride to know what's comfortable.From a monetary perspective, I would buy a cheap home in a good area that needs many repairs, add your sweat equity, and trade up your home in 2 years (or re-finance and use that to start earlier).

Zoning issues with the City are a major concern - - frequently, SFRs in an R1 zone prohibit such conversions, and if you proceed regardless, will run into issues when/if you sell the property.B+ for thinking out of the box, D- for unintended consequences.