COVID notwithstanding, the entertainment scene is also strong, with tons of nightlife options and three professional sports franchises.

Frankly, I see everyone who owns a rental in California just gambling with their future.

But it works, simplified, like if you owed $500 to CA but paid state XX $300, then you only have to pay CA the $200 difference.CA may not be able to get blood from a turnip, but they will suck that turnip dry before they let it go.Likewise if you, say, play professional sports for a team in state XX, live in state XX, make $20,000,000 a year, play 1 out of 20 games in CA, they want that 1/20th of that two million taxed in CA...but they will give a credit for the taxes you paid in state XX according to the interstate agreement. 

Buying and rehabbing used homes can be a gamble - I've placed some that cost as little as $10 - 14k for buying, relocating, rehabbing, renting, etc.

So it's a bit of a gamble in my opinion as opposed to hard money loan,  and you better make sure you have extra good deal.

Syndication is a team sport.

The area is always expanding the business district as well as downtown, from Access to low cost regional talent, competitive real estate cost, strong work ethics and excellent facilities for sports, shopping, leisure and healthcare.

As long as you don't squander it gambling or getting new cars you would be much better off IMO.

Personally, I don't like to put my money into something I can't control - yes the stock market has been great, even during COVID, but I would rather put my money into something I can manage (even if not 100% due to moratoriums and zoning risks) versus a stock that I have no control over and is basically a legalized form of gambling. 

If you invest leaning towards appreciation that’s more like gambling in my books.