If you're capable of getting funding from a bank, those terms are terrible.

Small upgrades or re-leasing to market rents could boost your cash flow and provide additional funds for your San Diego purchase.If you'd like, I can connect you with a lender or help you explore potential properties in your preferred areas to see what’s realistic within your budget.

Continue to expand my bareland funding for land flippers .

Network with other local investors and always have a solid emergency fund.2.

And the truth is, if the investment property was completely passive and you had zero connection with it, such as an arbitrary stock in a mutual fund, then I would agree not to get emotionally attached to any one investment.  

I'm weighted towards RE but I have been buying in the public markets recently (stocks, index funds, bonds, REITs, Master Limited Partnerships, Business Development Companies).

Quote from @Chris Seveney: @Francisco AvancenaThere are specific lenders who will do land dealsBut of course not as many as traditional real estate.The key will be skin in the game - typically for land because it is less liquid than a home the lender will want to have a lower ltv on the deal I fund land flippers currently in  CO FLA WA ID MT NV AZ OR TX SC GA VA  one thing about land though LTV is lower and RATES are NOT the same as typical HML rates are higher for raw land but its a specialty niche and a business that I grew up in..

Always have a contingency fund.

Are you connected with a lender for funding these deals? 

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?