Our plan is to move to Torrance Ca.As I've been looking for properties on Realtor.com and reading various articles about the ridiculous housing market situation in the L.A. area, I'm starting to come to the conclusion that this might not be such a great landing spot to begin my real estate investing journey. 

I think a sweet spot is pre-NOD lates.

If you are going to only hold 2-3 properties, Jon's recommendation is spot on.If you ever grow to larger scale then the metrics change significantly during most market conditions and Bill is right.There is a whole segment of finance related to the effective use of capital and planning for contingency reserves is a big part of it.

While you are looking at things to fix, the biggest one I find is lots of soft spots to downright holes in the particle board subfloors. 

Before you go fishing, better check your bait and tackle box, pretty bad getting to a hot spot and finding out you don't have a hook or know how to tie a knot!  

Documents are done electronically and over night, you do not have to be there in person. 

Want to know if they do "electronic signatures, double closings, etc.?

I have a couple of friends in Idaho which one said to be booming in certain spots.. 

The house has a nice yard and a separate garage spot for each unit.  

I would also say that Everett might be a good spot to take a look at.