New builds, new developments, plenty of rentals within driving distance of the city center, and there are still plenty of areas where a good eye for a rehab job will get you a good ROI.

If you can qualify for conventional cash out refinancing, most lenders do not have a minimum loan amount requirement.

The Sonyma FHA loan, if you refi the loan, move from before the 10 year requirement, etc.

Use your W-2 income to qualify for multiple loans now, stack a few properties before quitting your job, and consider BRRRR or DSCR loans later to scale.

Short-term rentals of non-owner-occupied properties will also require a special use variance which is obtainable by starting with the completion of an application in the Zoning Department."

Any EPA issues or studies required for your financing?

Flat out, I realize we're friends/family, but I need this lease in place to comply with laws that require things in writing and for my protection should there ever be issues.

I have just started in a 3-day training for the Lee Arnold broker certification program and thus far just completed the online material required for preparation. 

If cash flow is your priority, out-of-state investing in more affordable markets like the Midwest or Southeast might make sense, though managing from a distance requires a solid local team.If you stay local, networking will be key since the best deals in expensive markets rarely come from the MLS.

The market is soft now, but with the new administration, we are going to see a lot more jobs coming in.