Some places will be little cheaper some more expensive

(b) Most serious cash buyers search HUD properties on a daily basis, so why would they buy a property from you that they could have bought cheaper?

The newer more renovated houses will continue to rise but I feel at some point mine will appear as an old dated house that somebody looks at and will want as a cheaper place to fix up and renovate.Other than this, I don't really enjoy the out-of-state investor aspect of relying on a property manager when this was always a hands on investment for me until I moved away.

The houses are much cheaper also to start off.

Househacked and renovated myself, allowing me and my fiance to live for cheaper than we were renting.

If there is anyway to move to a cheaper location in CA or out of state that would make your $50K go a lot further. 

I would rather own fewer solid properties than 50 or 100 cheaper properties.I hear a lot about California being a terrible place to invest with landlord tenant laws.

Should I look in other, cheaper parts of CA?

There are some good property managers over there and contractor rates are cheaper than the western part of the state. 

For commercial spaces - I prioritize a long term / cheaper tenant over a high rent with the potential for vacancy.