Of course I’ll treat the tenants great and fairly, but it still has me nervous.

That isn't much to play with and you'll be very leveraged.I think you should try re-doing your budget and saving up.

Assuming the amount you're paying is enough to cover the payoff.A short sale would come into play if the amount you wanted to pay doesn't cover the payoff.  

Buy/hold as an existing income seeker or will you be looking more for value play that you can renovate then either hold or flip out of?

So now its time to play the hurry up and wait game, which is fine with me. 

I'm hoping to buy properties near my new location since im just starting out to play it safe.

I wonder though if anyone has any advice on how to get into rental properties and make it fair for all parties involved. 

View report*This link comes directly from our calculators, based on information input by the member who posted.Is there a way, I could make a profit off this property if I am playing 8000 for it

Comps do play a major factor in dictating the valuation of the property but like he mentioned, comparable cap rates is what is a large factor which boils down to the rents you obtain.

I make fairly good money for the work I am doing but it is getting harder to save money as the price of everything keeps rising in the bay area.