I work with investors from California all the time that are able to find good cash flow in a growing market where the appreciation is obvious.I agree with @Jason Wray that many of the investors I talk with from the West Coast find that the markets in the sunshine belt work far better for their investments. 

That’s a huge advantage.Totally agree on property management being a make-or-break factor.

As for GC...couldn't agree more. 

Dominic, I agree with your cautions. 

I agree on selling. 

I agree with @Murali Jesudoss, I had pulled back from investing when things got super crazy in the last year or so, but I believe things are stabilizing and deals will start to become more attractive. 

I agree with Nathan-you may have gotten rid of most of the mold (which will grow back quickly if any is left), but there is somehow moisture coming in that is allowing it to live. 

Go to local meetups, search these forums for people that have mentioned that they do private lending and attend other RE events.I agree with Tim, spot on. 

I agree with your approach in aiming for better locations, seems that texas (dallas /FT worth) fits the bill.

I do agree with @Patrick Roberts in the rate and terms department, but there should be some good lenders out there offering up 80% LTV on tri/quad plexes.Good luck!