Trying to find a 1% rule deal in the Bay Area, when you have limited financial resources or experience will be an exercise in frustration. 

Syndication:  You get to use leverage (bank), use of OPM (investors for the downpayment), exercise your entrepreneurial skills to create value and take advantage of favorable tax laws. 

(and) Asking opinions of others (who are successful) is intelligent,(and) Asking options (note I did not write opinions here)  of the most successful people you know, is also intelligent,(and) also KNOW YOURSELF.The best way to know yourself (know what you want) I believe, is to read and do the written exercises in Tony Robbins book "Awaken the Giant Within".It may take you 2 months of work to finalize yours plans using this method, but when they are done--they will be customized to YOU by YOU.You are a unique person who is seeking happiness in life (only you can define what that is for yourself).Doing the exercises in the book will give you more information about yourself, and with more information comes better decisions (remembering the "Ands" from above).Then when your done book number two should be Rich Dad Poor Dad.And my second piece of advice is "A man is the Average of The 5 People he  spends the most time with".So choose who you spend time with--birds of a feather so to speak--and it's who you know (as well as what you know) so make sure to Know who you need to know, and make them your 5 people.Good Luck!

Cost of exercising this option: 6 months rent, plus prorated commission if any paid to RE Brokers.

Germain Act (named after the 2 congressman that sponsored the legislation) that relaxed the restrictions on banks for making home loans as well as prohibited banks from exercising the "due-on-sale" clause if a homeowner transferred property.  

It isn't actually a sale until they exercise their Option.

Pure relationship building and networking skills enhancements.

Once the property is renovated then you exercise your option to buy and now the house can qualify even for FHA financing.  

But when I'm not working, I love staying active and exercising, exploring food spots, anime, and abusing AMC's A-List. 

@Travis CannonYou are into the right direction, but 1500 honestly is a very difficult sum to start on real estate, save more and while doing that read books and attend group meetings that will enhance your insight into real estate investment, I am a landlord for 15 yrs.