Quote from @Aristotle Kumpis: Phoenix, San Antonio, Charlotte, Jacksonville are places I like more.

I will provide some thoughts on the San Diego purchase- virtually all high LTV mls purchases since rates started to hike have negative cash flow at purchase- historically great appreciation- historically great rent growth but recently flattening- prop 13 is great benefit for long holds- laws keep getting less LL friendly.

There is a river of hot water by the hotel Tabacon in San Carlos that is an absolutely unique experience.  

Class C transitioning to Class B: more renovated homes, higher income tenants and homeowners moving in, nice cafes, shops, restaurants, coffee shops opening up.An extreme example of Class C to B is in San Francisco - when I was a kid, what was not a safe neighborhood and had lower income people, is now in high demand and tech workers making $200,000+ are living there and people walking around at night going to restaurants and shop. 

On top of this if at all possible I’d recommend choosing specific neighborhoods to become an expert on as opposed to just thinking “anywhere in the San Antonio market could work”.

My wife and I live in Chicago and vacation in San Diego every year.  

I just completed a 1031 exchange where I sold a home in east county in an hoa to do a 1031 exchange and purchase a multlifamily in South Park of San Diego which has room to add 4 more units.

I think San Francisco might be a bit undervalued right now, which makes it an interesting opportunity.

My fiance has orders to San Diego, and I will be separating and moving with her.

Quote from @Francisco Solano: I suggest you ask a business attorney in your state for this basic template.