There is no such absolute rule or mandate for REI - it is up to you on your comfort level with your cash flow versus total investment versus appreciation potential.If I followed that rule, I would have missed out on a LOT of great opportunities over the years.We bought a house in Jones Valley in 2017 with negative cash flow - why? 

I'd recommend searching by zip and interviewing an agent or two to see who you're most comfortable with.

So it's really what you are comfortable with and what your investment thesis is. 

The property manager can make or break you, it has to be a PM that is working in that space and is comfortable there.I agree with earlier comments to look in the front and back yards to see how many old cars, abandoned junk, or treasures that aren't treasures are piling up. 

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

Get a feel for it and see if you like it.

Congratulations on feeling ready to invest in your first vacation property.

Are you suggesting that being crammed in a small hotel room represents a better experience than being in a comfortable homey Airbnb?

Besides directly contacting the employer, this is now the only way I feel comfortable verifying income—especially since pay stubs and bank statements are frequently being altered these days.

Take a look at some of the other responses I've made in this and feel free to DM me with any questions!