As long as you can learn to manage the out of state properties well, financially speaking you will probably find better propositions than those in the bay area.

But realize that until rates and real estate prices recalibrate themselves, it’s a tough proposition right now to be investing in real estate. 

And that makes sense as they can afford it...but instead of setting up non-profits to do it they do it through laws and propositions, so everyone has to fund their wishes.  

So, I look carefully at the "value proposition" I offer a tenant.

It seems like this could be a good opportunity strictly from a value proposition.

It is a decent proposition with some market/liquidity risks.

, surely that would be a way better proposition You seem to think that buying any home in Detroit, Cleveland, or Indy will yield massive cash in your pocket.What have I written to lead you to claim that’s what I seem to think ?

The best use of your 30 sheets of yellow paper is to write 30 different unique ways to contact these people with a better value proposition than "we buy houses". 

You've mentioned training a younger brood of go getters to manage this venture once you find yourself with enough money that you can devote the rest of your life to sailing....I'm interested in further considering your JV proposition, and while I certainly can appreciate the idea that it could be a completely passive investment, I'd prefer to be more actively involved.

So, to get the required R-value you might have to either fur the walls out creating a deeper void and making the rooms smaller OR use spray foam which has a higher R-value per inch both of which are much more expensive propositions!