That being said, don't focus on the crap that happened, focus on your goals, vision, plans, and the results you want to achieve.

While Bay Area is competitive, I personally feel we will achieve moderate appreciation over the next 5-7 years (2-4% annually) as long as rates stay low.

I achieved financial freedom (passive income = expenses) with single family properties.

I believe GRM can be effective to achieve a general understanding of neighborhoods.

If you achieve that, you're already way outperforming the stock market when you consider the other 4 ways you profit in RE beyond cash flow (tax benefits, loan pay down, appreciation, inflation). 

I truly see this as a "new norm" in the truest economic sense, which means under a free market system 1) it will require a time of resource supply coming amply available 2) new servicers enter of existing servicers in a fight for market share make an incremental discount on prevailing margins, where ample margins exist 3) time, lot's of time for this cycle to slowly incrementally play out until prices come down to a "market" sustained rate that margins don't have that "play" to cut additionally, and we achieve equilibrium. 

@Kelli Loo What you are looking for is by no means out of reach and can absolutely be achieved here in the Memphis market.

@Tristen M Walker I would try to put/leave as little money in the deal as possibly while achieving your minimum cash flow & cash on cash requirements, such as requiring >$150/unit/month & a cash on cash of >8-10%.

How would I go about starting the steps towards achieving this goal?

Let's achieve our goals.