$500k would be enough to go out and buy something else leveraged that would potentially get you a better return.

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

I recommend reaching out to the builders directly to negotiate any potential arrangements.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Lend's the highest potential for such folly. 

As someone based in San Diego, I’ve also noticed that investors eyeing California real estate tend to focus on potential future development or expansion (especially if you have the patience to navigate local regs).

You are best off to raise the rent and give the tenant the option to stay.Also, I hear a lot on here that "rents should be", "the potential rents are"... make sure that you do your due diligence when calculating potential rents because most new owner OVER estimate them.

I've noticed some really extreme discrepancies between renting and potential mortgage payments which make me hesitant to buy a primary residence.My wife wants to move around 56 (not too far from the ocean), which I don't mind because it seems they have great school districts and we have young kids. 

BRRRR with a bang: If you can pull this off, the value-add potential is huge.

Property should go for a premium just on that potential.