@Aaron Lawson you mention listsource... but for 5+ unit multifamily properties I’ve had no luck with them.

And I know people here doing 20+ times that amount. congrats on your accomplishments and those others you mention, but again nothing is easy or fast down there.

If you get into house for 10k, and it needs 20k in repair, you guts to learn and be a lionNot to mention all the electrical work I fixed!!

As @Lee Ripma mentioned "Set For Life" would be a great book to read.As far as choosing the right market... you can read several reports online (just search google for XYZ city real estate report).

Also like you mentioned, If I were to look at the SoCal market I would have to do the strategy that you mentioned, the problem is is that the prices are way to high even if I were to live in 1 unit and rent out the rest.

They work on our flips and they also handle the day to day maintenance issues that come up in the PM business.None of this stuff I mentioned is really unique at all, but are all vital for us to keep growing. 

I did take into account all the expenses you mentioned in my original analysis except for management fee’s and I didn’t have a reliable loan interest rate (4.5%) when I did the numbers.

This will change your "buy in" price but as others mentioned with your VA loan or if you decide to go with a 5% conventional you should be in good shape to find a property. 

One rental (somewhere outside bay area, but possibly in CA, < 240K) and other SFH (in bay area) somewhere next year.I want to keep my current condo as the HOA has some renovation plans and it will be hard to sell in the near future.I spoke with my lender, but they mentioned that if I buy a rental property then they will provide little loan (~500K) for SFH if I keep my current condo due to the debt to income ratios.It would be helpful if someone can suggest me ways or strategies to buy the rental as well as SFH in the future i.e. more borrowings.

Also, as @Caleb Heimsoth mentioned, flipping takes a lot of time and great management to make a nice profit.