Golf course is a tough business with dwindling  play .. think the rise of Top golf and pickle ball.. :)Also if you look at federal forest ownership maps you will see that Huge areas are checker boarded with private ownership .

If maintaining strong cash flow and minimizing risk are more important, Option 1 is the safer choice.Good luck! 

It is tough to compare states with no big cities to a state with multiple large cities.  

I believe this tough-on-crime approach will make Albuquerque safer and a better place to do business in the near and long-term future. 

It's an asset that will continue to grow as more and more people and institutions begin to adopt it as a safer hedge against inflation than precious metals. 

Quote from @Brandon Foster: Hello Ryan,STR is do able in the north county area but there are a lot of rules and regulations.The city of Oceanside right now will not allow anything STR unless it’s west of pacific coast hwy.This is changing a lot too so you need to be aware of that in your plans.Carlsbad is super strict too but there are some condos that are still available to do STR in.Medium term rentals are as safer bet but way less profitable.

Quote from @Tim Delaney: Quote from @Nilusha Jayasinghe: Quote from @Tim Delaney: It sounds like you would be in a good position to invest some or all of the RE emergency fund in a “safer” index fund.

Usually its a safer bet.

Sorry for the tough love, but not buying the above.You & your wife's salaries should cover your expenses, while the income from your remodeling gigs should be saved.Recommend you review EVERY dollar you made and what you spent it on in 2024.

It's tough to make YOUR condo different from everyone else's condo.