Buying vacant and lease up is great margins, but harder to replicate finding those tenants.We've pivoted to industrial outdoor storage, mostly truck parking while we look for a single tenant user.

To replicate that on a consistent basis is not a good business plan.People I know worth 8 to 9 figures have been investing in a niche for decades and regardless of cycle know how invest to curb risk.

No hassle bc you don't need to find  team yourself to do the renovations, its done for you.If you already have a reputable company who will do the work for you (assuming you are rock-solid on them), then you're already replicating the value-add from a turnkey provider.

so you’re going to take the easy money you made in the Bay Area and hopefully try to replicate that in a place you know nothing about and is a 3-4 hour plane ride away? 

This strategy could be replicated, but probably not a small college town of small public university that churns out graduates who are on the lower end of the salary spectrum.

Then start replicating..

In addition, I have not been able to replicate this first purchase, and consider it a bit of a lucky buy. 

I appreciate that you don't fit into that camp.Maybe you need a separate post titled "The HELOC Method is Unnecessary, Unless You Meet [These Criteria], Have Access to [These Financing Options] and Don't Mind [These Risks]".The only problem is that the HELOC model I laid out cannot be replicated with a mortgage. 

Using those two pieces of data, perhaps we can do a high-level analysis of the value of your brand versus the value of your other marketing efforts, which presumably can be replicated without your brand.

I'd like to be able to replicate some successful techniques with an understanding that some variables will of course be different.