“Jorge, you nailed it—economic occupancy over physical occupancy every time.

Also reality is the only time you will get nailed for not managing deposits properly is if you use that money.

This not only preserves the value of your investment but also enhances its profitability over time.Also, I'd like to emphasize the importance of understanding the local market dynamics, which will help you make informed decisions about where to buy, what to buy, and at what price.

You want cash from them and value preservation.

If you've already reached that end - ie if $4 million is enough principal to create residual income that you won't outlive - then I don't see any good reason to be buying out-of-town properties that then have to be managed properly to preserve your investment. 

@Peter Mckernan hit the nail on the head. 

Affordable Housing Incentives -While SB 9 encourages new development, it also includes provisions to protect existing tenants and preserve affordability.

Using your own cash preserves more profit but limits your deal flow.

@Scott Trench you and I don't always 100% agree on everything, but I think you nailed this one. 

The only place this would appear to make sense is in Class D neighborhoods which could cash flow.You have rights to income but nothing else - sounds like an unsecured note at the end of the day. nail on the head  very few in our generation really understand the whole token thing I tried reading a book on it and I still have no clue..