It sounds like you haven't defined a "deal that works" or looked at enough creative options in California yet. 

For me, this is a small value-add, so one of the defining parameters is effort.

Further, LLC will qualify for formation of solo 401K, or even defined benefit plan with extraordinary tax free contributions if you’re over 50.  

The current state of affair in the real state market can only be defined a monopoly; and not only a monopoly, but one with severe barriers to entry.

That consultant would go out and flag the boundary defined by the outermost edge of plants known to be associated with a wetland.

@Anant Radadia define positive cashflow!

There were a lot of steps missed from the very start like defining what exactly the client wants to achieve, are they preapproved and did you collect proof of funds to close, how will any acquisition be titled and why it matters now; how valuation is determined, current market conditions - appreciation, rent price, eviction rates, more; what makes a property ineligible for your client's search - what if it doesn't qualify for insurance, what if the repair cost will exceed a certain dollar amount, more. 

Thinking of kicking things off with house hacking and maybe trying to work as a property manager or something similar to stay close to the industry.My wife and I went through a wonderful exercise–thanks to @Bruce Woodruff for the invaluable guidance–to define what's important to us, our values, goals and dreams.

First, I think you need to define what exactly you're looking to get out of all of this.

Set up purchase criteria that will define success for you, an arbitrary minimum purchase price is not a great criteria, instead I would use something like proximity to good schools, neighborhood improvement trends, etc.Finding good deals is really tough right now so it is important to have criteria that are solidly grounded and based on reasons that will steer you toward profits.