One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

One of our favorite discoveries is that IT'S TRUE, dream opportunities DO land in your lap, the longer you're in business! 

You’re running a business not a charity after all. 

And even if I do not get into the renting business I can make some profit if I decide to sell the property at some point.

I have sold a couple of businesses as well, and speaking from experience, you are never more vulnerable to make a mistake than when you are sitting on a giant pile of cash.Also, I agree with @Corey Conklin - I'm a big fan of "overflow cities/towns" in the sun belt.

The people there I have gotten to know and I will say I distrust them the least of all business people I have ever met!

When I asked for a loan, they asked if my business received money in Euros. 

I am glad to be doing business with his company.

It links to our business bank account and our business credit card so come tax time, deductions should be easier.

Some go out of business.