Hot or Upcoming Markets in Los Angeles? Or outside of LA?

[Jon Brown]

I am working with a very talented designer with 30 years experience in home design and build. We're interested in buy/hold and flips in the Los Angeles area. We have access to money but are not sure on what areas to be looking at.

With $250-$500k cash, do you have any suggestions or guidance on where to look for deals? If not in Los Angeles, any other hot (or upcoming) markets? 

We are obviously new to real estate investing so any suggestions would be greatly appreciated. 

Thank you, Bigger Pockets! 

Jon