Like you as a mortgage underwriter, I have many years of experience being a professional supporting real estate investors as a CPA, but I now wanted to become a real estate investor myself.In late November of last year, like you're doing this November, I wrestled with the question of investing locally with a 4-unit purchased with FHA financing vs. investing out-of-state and got a lot of great advice.Like you, my goal is to retire within the next 10-15 years via real estate investing.As a result of some of the advice I've read through the forums (I would recommend you pay attention to guys who have been in real estate for decades like @Jay Hinrichs rather than the younger folks who are often just pushing their turnkey products) and speaking to investors at local real estate groups, I decided that given my place in life I would be wiser to place my bets on California appreciation over the next 20-30 years rather than investing in some beat-down property in Cleveland for an extra $400 or whatever in cash flow per month.Given the facts that (1) I could get into a property for a measly 3.5% down, which would free up cash to invest in other places if I so chose, (2) I was already throwing away rent every month such that I could still be cash flow negative of $650/month (what I was paying in rent) and still be better off because a portion of my monthly payment would be building my equity and the rest would be tax deductible, and (3) I'm in my 20s and have the time to take a long-term view of appreciation potential, it was a no-brainer to go the FHA 4-plex route in LA, despite the fact that it is one of the most expensive markets in the country.This isn't to say that the process was easy.  

This is an excellent platform to learn and connect with like-minded people

Choosing the right kind of home with a right kind of house financing product couldn’t be any easier.Whether you are buying a property, refinancing or unlocking equity on your home loan,

So quickly- before any product makes it to the shelf in the store, their is a process it follows.

There are online mortgage calculators or you can build an excel spreadsheet.  

Dion that was an excellent description. 

@Alex Craig  most excellent advice.. flipping retail in the mid west where the cities are dominated by and large by large % of rentals is something that needs to be approached very very carefully and local knowledge is essential.I know being west coast based in PDX I learned this lesson the hard way and expensive way. 

@Zeke Freeman mentioned to me a while back that his company was looking at a turnkey product for ADUs.

I have recently begun analyzing deals and am working on perfecting an excel tool.My goal is to become a full time investor or own a business supporting real estate investors in the area (leaning toward property management).

There are products out there, below a million dollar loan amount, where you can refinance your primary (as long as there are units) or your investor loan without dcr requirements to 70% ltv.