To get your real estate license by comparison, is a pathetic fraction of that amount.

Performance during a downturn has been a question mark in my mind for performing notes. 9-10% yield without volatility (like the markets) sounds nice but if even a fraction of the note portfolio goes non-performing then it darkens the whole picture, even makes buying stocks/bonds look like the better option again.Is this a fair assessment?

If you 1031 into a different property, here is a quick list of your options:single-family residentialmulti-family residentialcommercialresortfarm or ranchstorage facilitynet-lease managementunimproved landwater rightsoil rightstimber rightsproperties with a TIC structure or other fractional interestsoptions to purchaseconservation easementsDelaware Statutory TrustsSo you can use your proceeds as a down payment on any of these as long as your intent is to hold them for long-term use (investment or business).

You must invest that cash to avoid boot. (3) A Delaware Statutory Trust can serve as a great fractional replacement property for someone who can't find one or wants to avoid management hassles and take on personal debt in the replacement property.

If I turned off the TV and spent even a fraction of that time connecting with people and learning--about real estate or anything(!)

Common non-warrantable properties include condotels, timeshares, fractional ownership properties, multi-unit condos (the condo unit itself is two units), condos in a permanent care/assistance residence, and other projects which require owners to join an organization, such as a golf club...A condo in monetary litigation will likely be disqualified from financing by the major agencies."

My other option is to invest in my hometown Houston, Texas where I could get a rental property for a fraction of the price that I would pay in California.

His will be a fraction of that based on the low orbit of his sats.  

Well by 98 I had bought two more developments in Oregon as regulations at the time were a fraction of CA..

CC costs literally a fraction of what 4 year schools cost on a per credit basis.