C/D rentals can work for some people, but its almost always experienced investors who live in the area and can save money by self-managing their rentals. 

I will be saving the reference. 

Anyway, I was thinking I could just save up enough with my partner and myself, both have good high paying jobs, and scratch together whatever we need to come up with a 20% down conventional loan. 

Try Hometown Savings, Webster 5, Rockland Trust.  

Luckily, my wife and are living very frugally and are able to live on my base salary while saving all my commission checks.After reading the book, I’m now determined to achieve financial freedom!

Not sure that's worth the saving.  

This is even with a prop 13 benefit that results in a ~$3k/year savings.  

I’m able to save money every month for a down payment but not sure if that’s the best route to get into the game.

So, we rented it annually ever since - about 4 years ago - and look at like a savings account.

First clear your debt and get your savings in line.