The hate towards California is at an all time high and despite being warranted in many ways, theres much more room for positive surprises compared to the hot markets today that are oversaturated with investors.

Non warrantable. 

To me, those 2 issues don’t warrant a bad review.

Collapsed pipes you may be able to limp along, but not worth it as they will need work soon and dealing with back ups and the resulting unhappy tenant does not warrant it. 

Every property that I've inquired about requires either cash, private financing, or hard money because the HOAs or neighborhoods do not qualify for conventional mortgage underwriting (too high percentage of renters, non-warrantable, etc...).

Our firm always recommend starting simply and then building out complexity if/when the asset protection and tax savings warrant it.Congrats on the new purchase!

If you have a property in an area popular enough to warrant a thriving STR, there's probably competent property management available, and if you don't there's probably not enough business for someone else to pay you what you want, them to do the work and make a profit on top of that.

We only extend 100% when the deal warrants.

I recently came across a property that is a 3 flat but the seller "does not warrant legality of 3rd unit".  

In other words he finds legitimate write offs for us that warrant paying him very well.Our tax situation is also fairly complicated.