CA is the closest thing I have found on planet Earth as Landlord "unfriendly state" and EVEN THEN there is part's of Ca VERY landlord friendly.     

Every single sponsor on the planet is trying to diversify their equity sources, even the ones that supposedly do not take money anymore like Baupost Group (Seth Klarman).

On what planet can you get financing for 19 properties where the bank doesn't require a full set of financial statements prepared by a CPA? 

Well, you've chosen arguably one of the most desirable places to live on the planet, so it's not surprising it's so expensive. 

I should Clarify, I'm in Melbourne, Victoria (Australia) - Right down the bottom of the planet ;)

I admire you making the move to greener pastures to start your business.

The grass isn't always greener on the other side.  

The entire planet removing the USD as world reserve currency and making whatever, Yuan, the new world reserve currency......   

The fundamental aspect why stock market index can outperform real estate is because(1) with stock market index you invest along with other people in planet, as long as there're more buyer than seller price would just go up(2) is using statistical average, eventually stock market index would perform better than aggregated real estate, that's why a cap rate 3 private REIT can't mathmatically speaking outperform stock index.But then how about all these "Real Estate Active investors" ?

That's interesting, because "others in the industry" have been loosing a tonne of market share (By the hour) with folks jumping ship to our company ever since we opened doors to outside property management.The grass isn't always greener on the other side mate.You just need to water your own lawn and not publicly $#%@ on folks that are doing their best for you.Our office manager was disrespected by your communication and we gave you a 30 day notice to find another company.Wishing all the best and my apologies we didn't meet your expectations 🙏