Use the network however to see if you can find some product for lower cost.

Everything I've modeled is essentially cash flow break even. 

If you can make an off market purchase, you will likely get a better deal and thus, have more equity from the start - make your money when you buy.Building your team either here in LA or in Dallas will also be essential.

In doing so educating myself and looking for advice is essential for success. 

Also, I am very interested in adding a second bath upstairs and/or doing something more productive with the wasted community space connecting the stairs and upstairs BRs (ie- add a bathroom here or create a 4th BR).

While I can understand some of the desire for rent control there are other more practical and productive ways to assist families in need of housing (IE fix the broken section 8 programs around the country)  I would prefer however that all of you out of state investors get out of "our town" so that the prices can go back to normal for us locals, which should in turn help keep rents down a bit locally .....

This is essentially what my company does, although we do not manage remotely. 

We consider all forms of self promotion (including any mentions of your company, website, products and services) to be advertising.

Your contract basically becomes garbage because you essentially only have two options.

To make a long story short I'm currently working on developing 13 units in the city of Lake Elsinore, CA and while going through the process of developing raw land into multifamily housing there's going to be a ton of people you come in contact with the are essential to the development process.