If you want to get into the market for the appreciation play and are willing to negatively cash flow a bit you could consider a negative DSCR loan.

It’s a very regional play - or appears to me.

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. 

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?)

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

Are you building targeted lists, calling them with a correct script, trying to build relationships? 

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.