I think the prevailing theme that you're seeing is that San Diego (and a lot of California) is an outsized risk/reward proposition.  

Of course, the debt component will impact your cash flow and returns so bear this in mind.3) NNN leased real estate is a much lower return proposition and in my opinion is more of a capital preservation tool and/or passive income play than something to build tremendous wealth with.

@Matthew Von Dwingelo You should have a value proposition for people.

Rents stagnate and do not keep up with inflation, utility companies if landlord pays water etc. can raise water and sewer rates even with no leaks and eat into returns.Again I do not want people thinking multifamily is fool proof and can't lose proposition. 

Just as it's a losing proposition to throw all of your money in at the top of the cycle it is also a losing proposition to try and time the market and wait for "the perfect time". 

My value proposition is you get a yard and a garage with my "house", park at your front door, a certain degree of privacy, etc.

I only partner if it's to spread leverage but they must offer a skillset or some sort of value proposition when adding them to the deal.

It will quickly help you determine if the risk profile and value proposition is to your liking.

If you have none then it's a harder proposition.

@Bill Thomas based on your input that the neighborhood is "sketchy" and the multifamily is expensive, it does not sound like this is a winning proposition.