I have seen this exact same situation for over 4 decades in every up market and 100% of the time the equity has been squandered when removed from CA real estate. 

That's where the down payment came from -- someone's income doubled, but they are smart enough to not have instantly started squandering money, so now they have a down payment saved. 

Many people instead squander that on partying and buying material goods.

I have a couple of owner financed deals and when the person with the property thinks the heir need regular income or are afraid they will squander a large sum of money, they love the idea of stretching the payments out.It is odd to have common area water. 

We're living in one of the most profitable markets, and seeing our Bay Area folks take their hard earned money and squander it in no appreciation and even declining markets is heart breaking.

He got his front end fees and doesn't have a hard fought 10 yr reputation to squander. 

It would be a shame to squander your proximity to this to add the disadvantage of distance in REI.

While you squander your time, I'm busy becoming a multi-thousandaire with my portfolio of overpriced $25,000 midwest houses and the $100 / month, pretax cash flow.

I ask myself these question which helps me prepare questions to ask that person so the opportunity is not squandered. 

They do not want their grown children making mistakes and squandering all the money and the income stream goes away.