I am new to the world of real estate investing and want to one day own properties and rent units out.

My first deal was 5% down house hack on a 4 unit and then I used equity from that first deal to do 2 more deals once with a cash out refi and once with heloc.

When you invest in 1-4 units residential property in the Bay Area, you are investing for the appreciation or value-add potential because most properties don't generate positive cashflow.  

You can 100% use an FHA-203k renovation loan on multi-unit properties up to 4 units. 

Quote from @Gregory Wilson:As for the second, there are only about 20 monetary numbers to be entered in Turbo Tax on a single unit rental property 1065 so it always seems to me that the $3500 would be better spent elsewhere.

The offering would be at 490 units at $1000 unit

Quote from @Tyler Garza: Deal :Duplex Home2 beds / unit2 baths / unit3,000 sqftAsking 300k60k downEst rent/yr - 31,2005% Vacancy20% Op ExpenseMortgage 240k assuming 7%Results: CF - 6,600Cocr - 11%Cap - 8%Looking at this for a buy and hold and trying to determine if I am analyzing this right@Tyler Garza I can get to your COC of 11% and cap rate of 8%, but since I don't know your loan payment or amort, I'm not sure how you got to CF of $6,600 - I'm getting arond $4,600.And a couple of things jump out at me with your assumptions versus most of my CFO clients: 1) a 5% vacancy rate and 20% Op exp margin seem a little low, 2) an LTV of 80% LTV (with a 7% interest rate) seems high unless you're house hacking, 3) Depending on the location of the property, the $1,300/month/unit rent may be low.

5unit is probably manageable.  20 unit is work I would think. 

If you are attempting to use income for the non-conforming unit, they will need to verify that it can legally be used as a rental unit.

Start with Reonomy or Costar to identify all the 100+ units in your target market (on and off market) and then see if you can get into direct contact with some owners.