Good if they stay otherwise you will be getting a new tennat that can actually afford your property. 

Hey Ryan, I hope that my response stays focused here but I'll try to address your questions as this is something that I have actually been thinking about a lot.

My wife and I both work but she will be quitting and becoming a stay at home mom when we move.

Yes, they can cost you 10% a year but that would be cheaper than letting a tenant stay there for rent way below market.

Since I've become active in Yonkers the last 3 years the property values have shot up enormously surprising a lot of the investors.  

Run your deals thru it, and you may be surprised to find when a deal isn't as good as you first thought.

Now the hard part, figuring out if i want to use that to snipe a great deal on our first property, attempt multiple properties at once, or save more and attempt to stay local in SoCal.

I'm sure it is no surprise or secret that Texas is a very hot and desirable real estate market.

As in, a 10,000 person town I'd stay away from - you want a reasonably diversified economy...Here's the main concern I have with your startup plan - Inevitably investing out of your area will put someone locally in a stronger position with regards to negotiating. 

I am doing my research into this and wanting to know what you recommend as a great tool to stay on top of the rents, organizations, formulas etc.Ray