The amount of equity I call pull is less than the cash I have but not significantly less.When doing this analysis it struck me that it may not be worth using a HELOC for the simple fact that the interest rate is ~9%* while the funds in my high yield account are only yielding ~5%*.

That's honestly an extremely simple process.

I get CA desirability but there is a simple factor of income and affordability.

Depending on the number of jobs and number of new development going on in the area it may just be simple supply and demand.

Start simple or go all in on a multifamily if you have the capital to support potential losses.

And of course I am very good at what I do providing the money to make this happen for them the key though is there is no debt I provide cash we own it outright and I  have a JV with my clients that do the work of finding these and dispostioning them and dispo is done simply on the MLS very simple. 

@Eric Coats, to answer your specific questions, estimating expenses are pretty simple. 

Simple touches like fresh paint, landscaping, and clean walkways can make a big difference.Highlight Key Features: During the appraisal, point out any high-quality materials or unique features you've added.

Not a lot to add here, just the simple advice to make it as easy as possible to pay rent. 

What we're talking about goes way beyond simple FRL.