Ideally, I would want a property management company to manage the property as I am busy with work.I was wondering what you thought about investment properties in Bakersfield.

Save up and continue investing in multifamily homes.Does this sound ideal ?

Remember that qualifying for a personal residence is different than investment loan

@Dylan McCabe probably not an ideal investment if you intend on cash flowing and growing your wealth.

The bathroom is small and has an old brick chimney in the wall that would ideally be removed to make space. 

I know this is ideal result only if the tenant will not break the lease.

Remember this is all just an outcome of demand and supply and not some exogenous event where banks are going belly-up etc which was what happened in 2008 starting with countrywide, Wachovia, WAMU etc.

Just remember not all off market deals are good or fit your goals. 

That is considered providing services to your 401k and is prohibited, regardless if you get paid or not.You must remember that you personally (and your immediate family members) are considered to be "disqualified person" to your 401k.

@Mike DornemanLooking at a 3 or 5% conventional loan, budget as far as purchase price is ideally less than $260K, buy and hold, ideally 1K in cash flow per month and 2-3% appreciation per year.