I have become pretty comfortable with understanding how to serve our needs by managing real property from far away.

Finally after feeling comfortable with all the forums and articles I've read, I'm ready.

It takes a lot of work to learn a market, and assemble a team to feel comfortable in buying a house thousands of mils away. 

I'm not comfortable with that level of work and finance commitment just yet and the rental as an exit option #'s just wont work.However, we also looked at a duplex in a nice part of town, 3bd/1.5ba and the #'s are very nice.  

If you can make it cash flow, give them 12% for 5 years, just don't pay too much or they will end up owning it again.I don't think there is an app for what you're asking, you may need to use some shoe leather as horrible as that may sound, it works.You can sure look for distressed properties and sales.....but another issue, if you don't have the money to buy, do you have the ability to repair, improve a complex, change it's reputation in the area, draw new tenants and make some trash pile profitable?

I would figure out what path will generate the largest profit (or smallest loss) given an amount of effort you're comfortable with -- then do that.Of course, this is something that you should have figured out BEFORE you placed your bid...what makes you think the deals are profitable if you haven't gone through the exercise of analyzing them?

It's a trade off..Some others taking the "middle ground" are still finding some deals in Hayward, Fremont, San Leandro, which don't have all the "heat" of the Peninsula, and have better CF than most of Bay, but still are close enough for most on the South side of the Bay to be more comfortable with, as far as proximity, and understanding the market better..

As far as being a borrowe, my public figure and rep provides the lender will a more comfortable feeling I that I am fully and publicly transparent.

I was concerned I would become to comfortable or stagnant if I was rehabbing a single family while living there.As owner occupied buyers your in the best position to get good deals on financing and in the strongest position to purchase forclosures.

In a couple years when everything has settled in and you are comfortable with the land lord game, find another duplex and move into that one and keep the original as a full rental.