This counsel is not necessarily the lawyer who does your closings--look for expertise in company structure and litigation all with knowledge focused on real estate or development.  

Their house is 2400 sqft; 4 bedroom, 3 bath with space in basement that could be an apartment or be used as a nice Airbnb; it's in a development with an HOA.   

Is anyone else hearing about these new developments or being affected by them?

Similar to you, I wanted to find somewhere less expensive, still close to the Bay Area (drivable), but without the high property taxes, more favorable tenant/landlord laws, no state income tax, and consistent job/population growth. 

BP offers a calculator that you can use, or just use a basic excel spreadsheet, or even pen and paper is fine.Decide what you want to invest in....Flips, rentals, development, STRs etc...In terms of finding deals...you will have to put in some work.

I expect that I will develop those same skill sets within my REI journey.   

Consistent rent growth can signal strong demand.Job Market & Population Growth: Rental demand often follows job and population growth.

This is a buy and hold investment with the hope to ride some appreciation from all the development of Microsoft.Can anyone recommend a reputable Property Manager? 

You are a business developer for a large, professional PM company.

Back then water was so cheap that developers of multifamily buildings just included in the rents.Today is a different time and place so water is called "liquid gold".