I plan to start with Merced (university town) or East bay so property can be commutable distance (1-2 hour drive), relatively easy to get rented w/ good tenants and hopefully have positive cash flow from day 1.

This is a great deal all day long, but most can't stomach long distance renovation hence the $90k price tag!

This will give you similar sold properties within a close distance within your selected timeframe.  

However, I'm concerned with the covenants and constraints lender requires in non-default circumstances.  

Long distance isn't easy to manage and amplifies the risks.

Population growth is a big one, you want to be somewhere that's growing, since that creates pressure on prices and rent long-term and ensures a stable tenant pool.Price/rent ratio, average home price, and net job growth are several other things to look in to.Consider getting David Greene's Long Distance Real Estate Investing book - it has a whole chapter on analyzing out-of-state markets.

The email I sent was a modified version of David Greens email to realtors in his Long Distance Real Estate Investing book. 

Just got a PRO Membership to take the commitment of this or the next oportunity.Option 2:-Save until I can put a full 60 day notice with no risk-Find a new location and be about 3k more prepared fincially and have no risk of having to pay at two locations (Ideally April)-Repeat option 1Audio books read once:"Set for life""Richest man in Babylon""The Book on Investing in Real Estate with No (and Low) Money Down""The book on Rental Property Investing""Long distance real estate Investing""How to invest in real estate: The Ultimate Beginner's Guide"I can afford to pay for worst case scenario, but this would be my first deal that I wanted to do by the end of 2019 anyway, this would just jump start that to today, with a little more risk (I feel slightly nervous and unsure, but this would be my first deal and I think it is because I have not taken the first step yet.)Thank you for taking the time to read this.

It's best to put distance between you and your tenants using a PM that should also be more familiar with local laws and uses best practices. 

Walking distance to a beautiful church.