I overlook pitfalls and minimize others, because all I can see is that greener grass.It might be worth taking a step back and taking a deep breath. 

However, if you keep the homes under 3000 sq ft, you can make it cost effective...and, one of the most energy efficient, well built homes on the planet.

The grass is not greener after the $500.

Santa Barbara is one of the most expensive areas of the planet!

The next 18-24 months were focused on recovery, proving to my partners at work that I was still an awesome IT consultant and much introspection focused on why I am here on this planet and what I am going to do with the small amount of time I have.

We are lucky to have one of the best teacher/mentors on the planet in our own backyard.

In my day job as an architect, which is the coolest job on the planet, I get to work with all sorts of people, even some investors, so I understand a huge amount of the real estate process just from a vastly different angle (I can tell you an approximation of cost per square foot for new construction in the Greater Seattle Area, but if I am off by $20-$30,000 no big deal).

asking someone on the other side of the planet who knows nothing about you and probably less about RE seems like a not-so-good approach.if you need help fleshing out your ideas or help putting together a business plan, i'd suggest looking for help from organizations like SCORE http://www.score.orgSCORE brings together retired business people to help mentor and coach those who are getting started.

Screening is obviously very important, but even the best screening on the planet won't prevent you from having to evict deadbeats from time to time.

This can be risky, what if UC Berkeley stops being the #1 public university on the planet because they let the PC Police run too amok?