I struggle to understand the dynamics of the the real estate market.

What a missed opportunity to sell a visual product!  

This might help them more clearly see the risk that you are trying to help them avoid...at least I imagine that is your intention.In my experience most new investors fail to spend the time it takes to understand market dynamics and to discover which markets are best to invest in at any given time.

If I had to find a negative point in having a license it's simply to be bound to the TREC rules and regs however these are user friendly in my opinion and should not change the dynamics in any way other than using good ethics....which we do anyway when our client's best interest is at the forefront of the deal!

It's a different tenant dynamic than many other places.Of course, it hasn't always been this ideal from a supply/demand perspective for landlords, and won't stay this way indefinitely.Why not use your OK houses as your bread and butter and invest opportunistically here in SD if you find something interesting?

Since you have the ability to do so buy as close to your neighborhood as possible so you can self manage if you ever want to.You are in an incredibly low barrier to entry market so don't get to caught up in the turnkey dynamic.

We've expanded to Belmont Cragin and Hermosa, but the dynamics of those neighborhoods are a bit different. 

I fully understand all of the other dynamics of the deal but, the insurance issue is confusing. 

It's built on Visual Basic for Applications (VBA) and all the macros are generated in that language.  

Currency conversion dynamics can be a huge factor in foreign investment, one I had largely overlooked.Yes, that exchange rate does takes a big bite, but that's possibly where owner financing could be beneficial.