On the other hand buyers need to be conscious of the reality that ads will never change the product, but clever ones change how we value it.Advertising is everywhere in the realm of real estate, and knowing how it works will lead to smarter decision making, and ultimately success.

I also plan to make the last months rent/security deposit conversation part of future tenant turnover in the event I make this deal happen - the existing landlord is a bit of a "lifestyle" landlord, for lack of a better term, and so my plan would be to slowly increase rents, establish formal lease agreements, security deposits, etc. as tenant turnover opportunities come up.

  :) so its all relative to your job and lifestyle. 

This to me would fit your lifestyle of developing enough cash flow  that you can enjoy cali on those winter months .

It's a lifestyle for me.

It's more of a lifestyle plan... my kids and I all need a house and this would be my version of sequential "house hacking".Also, this wouldn't preclude me from doing other flips if I had the interest.

Many urban core professionals who are from the baby boom generation and also formerly lived in the suburbs are finding their lifestyle improves when they can remove their formerly tiresome commute from the daily grind.

_r=0The Supreme Court’s Disastrous Misreading of the Fair Housing ActA decision endorsing ‘disparate impact’ analysis will turn a law meant to prohibit discrimination into a vehicle for race-conscious housing decisions: http://www.wsj.com/articles/the-supreme-courts-disastrous-misreading-of-the-fair-housing-act-1435707270More Millennials Are Living in Single-Family HomesFannie Mae report and commentary find that millennials favor living in single-family homes, whether they buy or rent: http://www.inman.com/2015/07/01/more-millennials-are-living-in-single-family-homes/Moody’s Analytics: Single-Family Rental Growth Will AccelerateSingle-family home rentals since the housing bubble burst nearly a decade ago have seen massive growth, according to a new look from Mark Zandi, Moody’s Analytics’ chief economist.

You want to make sure that your investing matches your lifestyle.  

However, this may not necessarily fit your lifestyle and if you have held them for up to 30 years the pro-rata tax-free benefit perhaps won't be that helpful.I highly recommend going to @Johnson H. meetup in San Jose.