Now with heat, people do tend to be a bit more reasonsable.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

What I mean is that properties with extremely high cash flow on paper will TEND to have more costly capex issues, more maintenance issues, and higher rates of turnover and delinquency.

The housing market here tends to be significantly more expensive compared to other regions, and this definitely impacts renovation costs as well.Given that the home I am considering is around 3000 sq ft, the $250,000 renovation budget might seem more reasonable, especially in CA.

I'd go nuts.  

I don't think it impacts their timely payments as the ones who do just tend to by choice have greater financial stability to begin with and would likely pay on time anyways. 4.

Market is still moving on the west coast with prices generally holding .. our buyers too tend to have pristine homes that will sell..

Being an agent here in the Atlanta area and working with multiple investors, I tend to use this rule of thumb and it has worked pretty well.

NUTS!

Wages, gas, taxes, insurance and overall operations costs tend to be significantly lower than our counterpart.