@Adrian Chu  its one reason I will be doing my continuing ed in CA.. so I can legally earn referral fee's..

Hey guys, I am new to this website and to REI in general but I have always had a desire to get involved and I have made the decision to get started and take  massive action.

Therefore, my first deal has to be as perfect as can be and have some positive cash flow that I can hold in a retained earnings account for future capital expenditures. 

Does it turn out as desired?

Just keep an eye out for market corrections if the housing prices to earnings get to far out of whack.

So, with limited cash and a desire to use an FHA loan, you should be looking for smal multis - duplex, tri, or quad.

Heck, I want to fly commercial aircraft, but a mere desire without the requisite knowledge an experience is of little use.  

Some title companies would be happy to do it to earn your business. 

I've picked two areas here in Memphis close to desirable schools.

M. has extraordinarily valuable Bay Area experience) ; 1031 into syndication; notes; flipping; better cash-flow in "less desirable" Bay Area areas;  new development for value add; convert to multi-family/condo; Partner for increased cashflow; short-term rental (vacation, executive); out of state; buying at a discount (probate, auctions, direct marketing).