If it’s so bad, instead of playing detective or code officer, why not move?  

I think there's more here than an appreciation play. 

I would be curious to see how this plays out in the end.

Like 50 or 100, not just 2.Not enough specifics to give you a better answer, but it sounds to me like you are considering giving up a great equity play that moves the needle quite a bit (San Diego, right?)

But to play devil's advocate here, if Florida is correcting, wouldn't that make it a prudent time to buy, assuming you can hold on for a while and have cash reserves? 

The longer you hold onto it, the more your costs add up, the more costs you have to recover, and the fewer funds you have available to use to recover them with.Think of it like playing Poker (not because it's gambling...REI shouldn't be gambling). 

If you own the asset, don't own the asset, or don't even control the asset, you can still play in this space.

If you're holding that card you can play it whenever you want and get an edge over someone else who doesn't hold that card.Just so you know, lowest capital requirements are 20k, then next level 50k, then in the baller markets you better be ready to be in for 100k in one deal and if that's your entire roll then plan on not sleeping for like 6 months as you worry about every little detail.If you, or anyone, really wants to build a foundation and get into a rhythm of doing 3 - 4 projects per year then you will need to mine the opportunity and it will take more than one market. 

This is no time to play the nice guy.....You can also contact your City Council Person and your County Supervisor.

So what is the RE play in my market?