@Michael Ealy totally agree especially with the first point in California with prop 13, there a lot of agents who don't understand the implication of the sale when they are listing (or they don't care).Also there are many times that rents are under market and can be raised, or utilities can be submetered easily.However to caution the newbies while you might not want to base your decision on actual expenses you certainly don't want to use the seller's pro forma numbers, as those will paint the rosiest of pictures, use your own numbers to evaluate always.

If you are planning to buy investment properties and you are willing to live in the property, you can utilize owner occupant loans. 

If you can get your living expenses down, utilize your VA loan effectively and get an income producing primary residence, it's hard to go wrong! 

I haven't interacted with too many yet, but so far they seem to want an LLC.  

How are the utilities metered?

This usually includes but is not limited to PLUMBING, flooring, landscape, utility lines and masonry.

Single family and duplex on the same lot for sale$420k asking pricePotential rents are:Single family: $2200-$2400/mUnit 1: $1225/mUnit 2: $1125/mSeparate utilities 5% FHA loan Does anyone think this is a good buy?

Also, if you go pro you can utilize the calculators unlimited to analyze deals.These are my favorites with BP. 

California will allow you to utilize losses from rental activities so long as your income is below a certain income amount.

But if it's not working in tandem with the insulation, you'll find yourselves spending a ton on utilities during the hot and cold seasons.EDIT- oh, also- congrats on getting under contract. :-).