Walking to and from the car and the unit is a low risk proposition (with the exception of high rise communities in metro areas).

That said, I’m not a hypothetical “money guy” but it doesn’t hurt to walk through the simple economic value proposition and ask: “Is this appealing enough for someone else to stomach 100% of the risk?”

One route to a law repealing Costa Hawkins is through the legislature, which was tried already earlier this year and didn't even make it out of committee.The second route is via California's direct democracy route (ballot proposition that leads to a constitutional amendment, which is what Prop 13 was), and all we have so far is activists saying they're sure they can do it.

If anything it speaks to what a poor Value Proposition you have presented.

Compelling Content: Craft a well-designed mailer that grabs attention and clearly communicates your value proposition.

Given that selling real estate via retail channels is an expensive proposition, roughly 8% off the top, there may in fact be some equity.

@Jay Raught sounds like an interesting proposition.  

 I have a proposition from a friend to manage 2 tenants in his owner occupied 4 bedroom single family property for discounted rent for me.

You can keep your down payments high on the apartment buildings to lower your risk.Not using the equity in your house to leverage into greater income producing activities would be a losing proposition over the long term from a return prospective even if you are very conservative with your leverage as you are an experienced investor and should expect to make safe bets.  

If the proposition is a purchase business, then two things are needed:1.