Where are you on that spectrum?  

On the opposite end of the spectrum from @John Barr, I have had great success with duplex and multi-family rentals in the central core (closer to downtown the better).  

Also, I know that the price range is on the lower spectrum but I would rather not have to do any rehabbing if at all possible.

In this crazy world of multiple offers, a house prices normally may look like a deal to a traditional realtor.On the other side of the spectrum, we make offers $50 k, $100 k, and $150 k lower than asking price on "fixer" houses.

@Jason Griffin your question is very broad and difficult to answer.

I am asking broadly about common practices.  

@Chuck Mace I think what your agent and his/her underwriter is trying to say is the additional insured (AI) status does not give the PM broad coverage.  

San Jose has a strong broad based economy, high demand for housing, high incomes, well educated work force, you have medical centers, universities, high tech, manufacturing, etc.

Too broad a question.How much money to start??

You need a BS meter dealing in business and especially real estate, I mentioned the bad apples, following the wrong strategy or mentor can end up losing you money at the best and in jail at the other end of the spectrum.