I could move into a property that looks like a good deal (either in SF or the Easy Bay) and secure an FHA for 3.5% down by virtue of living in the property as my primary, rent out additional rooms, and essentially function as the property manager.

The one that is leaving wants his security deposit back.

Donald Cressey is The Fraud Triangle: 1- A perceived unshareable financial need. 2- Perceived opportunity. 3- Rationalization.Financial pressures change in life, medical care for aging parents, a family member becomes ill, college costs, mid-life crisis, substance addictions and gambling, jealousy/feeling "owed" or wronged, social pressures to "get ahead"...The biggest losses are always where there are no checks & balances, no separation of duties, no policies and procedures in place. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If a tenant gets a protection order, I'd change out the locks and probably install a security camera.

Trying to avoid neighborhoods that would require me to hire security for a property, but I don't mind taking some risk.

Would finding a wholesaler to secure deals for me be counterproductive?

Insurance costs will go up when your value goes up, obviously and the bank will likely make you secure a year of premium before refinancing.

Also ensure that you get the security deposits from the seller as well.  

I am  very outgoing and socially inclined And would like to gain as much information as possible to help me progress in this career option