It's a shame that you are not in the Fresno area - I am looking for someone exactly like you to work with for rehabs here in the central valley.  

If you're buying in So cal you probably won't be able to anyway since you'll have to make sure 75% of gross rents are equal or greater to the PITIA of the property and with the way prices are in LA/CA/SD counties it may be near impossible unless if you were in beaumont, apple valley, victor ville, bakersfield, San Bernardino, etc. 

Good luck and if you have anything in the east valley let me know.Casey

@Rivers Plowden and @Kay Kay Singh thanks for the responses.

You have to look in some of the lower priced homes in such areas as Antelope Valley, in Riverside county, and in San Bernardino county where you can buy homes from $100k to $200k. 

I'm part of the Mahoning Valley Real Estate Investors Association and we're having our monthly meeting tonight!

Curt, if you have the desire and drive, we can help guide you, and show you how to thrive as a Real Estate Investor.Our club headquarters are located at: 12929 E Sprague Ave   Spokane Valley, Wa 99216

@Rivers Plowden Your assumption that ALL lenders need two years of reported rental income before they will given income credit is incorrect. 

Got another one on River st that's an off market wholesale deal river front property for $199k.

Sounds like you had a first-class real-eatate education right out of the gate - the MBA should be a stroll in comparison.I do enjoy your part of the country, my wife's family are Kettle Valley folk - her Grandfather and Great-Grandfather were railway men.