Safe areas with decent c-o-c are mostly newer suburban and include East Arlington, Southside, Fleming Island, Far Northside (near the airport) where they likely won't lose value anytime soon, but considerable appreciation is very unlikely too. 

It will take a LOT of work on your part but if you understand the power of partnering on deals with a knowledgeable investor, the learning curve will be shortened considerably.

Like I touched on with Aaron above, the longer I investigate lease options here in Fl the more it looks like I may have to pull the trigger and get it.

It's great to have cash to buy with, always makes things so much easier and faster in addition to almost always getting a better price.Even if you don't "plan" on buying another right away you never know when an opportunity will present itself and in order to be prepared to take advantage of those times they end up in your lap/face, you should be prepared to pull the trigger and execute!

Lenders want to know you are personally involved and have a real desire to see the project through to an exit.There are many considerations for a lender when looking at a hard money loan request.

However, you're not including your current housing costs which is what I assume is killing your dti.You'd have an option for hard money that takes into consideration the after repair value (ARV) you'd use if you found a fixer upper.

Rents have gone up in Solano County considerably in the last year.

@Ralph Pena It is hard in my market to get seller financing without a considerable down payment and really good terms for the seller.

If the zoning is correct for your intended use, you will need someone that is familiar with the codes (set backs, easements, lot coverage, height limitations, etc.) to design a project taking into consideration all of those things.

If it's really similar take them in consideration the way they are, if not, adjust, adjust, adjust!