I understand this is not the most idea route to take in entering the real estate world, but my initial strategy is to focus on turnkey/recent rehabbed and tenanted properties located in regions within my price range.

I was shocked by the range of bids I received, especially electrical...$4,500, $6,500 and $9,500 for the exact same scope.  

Most of the houses i work with are in the 600-800K range and all said and done I normally do a clean 40-60K in net profit.

You can find MHs in that range, too.  

Obviously, this price would be out of range for me, but I am considering entering the market looking for the right apartment complex deal.

@Matt Devincenzo:Matt,Where are you finding property in that price range in California?

I agree with Derrick, we love Chicago and Cleveland for buy and holds and Darrin nailed it with the "Drama" comment for that price range.

It would be around the 450k to 650k price range (coming from a $1600/month home).

I've installed 3 different laminate floors from various manufacturers and I've always used the budget underlayment.  

The 70% rule should work in that price range, but of course, it's a rule of thumb.