The team of Charissa Napoles the realtor and Robert Mincey at operation tango yankee inc have told me this second property was just a full rehab.

If you take lessons from The Hands-Off Investor and many people here, you want to judge the operator first and do your due diligence on them.

San Diego was even going to opt in on SB10, but there was some organized backlašh so the city has not opted in (yet?). 

Annually, I manage multimillion dollar construction projects and operations of a large scale facility.

Look forward to hearing posts on your deals and operations.   

Quote from @Ashish Acharya: @Javier Molina California aggressively enforces its $800 franchise tax on LLCs deemed "doing business" in the state, including Wyoming LLCs if you reside or manage operations in California.

It potentially can be possible if you provide your capital to a fund who operates as a private lender.You would have to be a non-managing member in an LLC or an LP in a Partnership.Therefore, you would have no say in items such as who to lend the money to, at what rates, etc.Best of luck

There have been some big players entering the PM market and a lot more interest in acquisitions of smaller PM operations.

If that's not the monthly income, you are arriving at your cap rate by using incorrect expense ratios/expense figures and/or the property benefits from an extremely favorable tax abatement which skews the operating costs.

Marie Johnson That has to be bought by a qualified non profit organization, and is only allowed by certain investors/lenders.