Let's also assume 4% appreciation and let's say 10% of the rent goes to capital expenditures and 1% consists of principal that will eventually go back into the investor's pocket. 

For SF purchases I would target $10K to $30K equity capture, 10%+ cash on cash return and $10K to $40K out of pocket.  

A) property has less equity as appreciation is consistently high than in any other area. 

I love the fair and consistent style of communicating around this.

We need to decide on our consistent strategy and think this thread may have lead us to it.

In theory you could also recover 1/6th of the CAM costs, too, but in my very limited experience with mixed use, the first floor commercial could very well push back on that, since they very well may not be utilizing almost any of the common area, depending on building layout.CAM would come from any number of places, commonly:Cleaning and utilities for any common lobby.Window cleaning for the buildingParking lot maintenanceLandscapingCommon HVAC maintenance, i.e. if a single furnace heats multiple spacesUltimately, you will want to be talking with either a commercial leasing agent or an attorney that specializes on commercial leases.One thing to note, while NNN leases are generally great, there is certainly work for you on a semi consistent basis, in creating the monthly escrow amounts and annual reconciliation.  

Let me share some info and data with you about this area.Grand Rapids has experienced a bit of a boom the last few years due to lack of properties for sale and consistent (or even increasing) demand. 

Financing allows you to diversify and potentially capture more opportunities within the real estate market or other investment avenues.That said, it’s crucial to do thorough due diligence and understand the terms of any financing you consider.

Go to school and finish “ No Quitting” One went to college and graduated, with no debt because they worked all through college and applied to enough scholarships to make your head spin.One left home early and found consistent employment currently a young supervisor( now married with kids)The last one stayed home like first one got a trade in the electrical field (graduated).Then I told them no outside debt, you are getting houses.

Maximize cashflow via STR (hoping to get 7-8% net)Second question, with these goals which would be the most attractive area for such an investment: Miami Beach, Miami Downtown, Brickell, Midtown.Thinking of getting 2 condos (1 bd or 1bd + den) ~$750-1M eachPayment structured are usually 30-40% until project is completeThank you find undervalued land and entitle it and capture the delta of underpriced land. there's a lot of sites that are underentitled.