I don't recommend it as a place to invest in rentals because....as a complete side note to the other issues of lack of cash flow in most CA cities and tenant-friendly laws....my perception of Palmdale/Lancaster from when I lived there is this-- There are two...categories, if you will...of people living up there.

Therefore I am going to ask some stupid or, not well thought questions to educate myself from the ground up.So, is there a connection between the Christmas Holidays and my perception that there aren't very many Wholesale-able houses on the market here in Reno?  

The market's perception of whether the general area will grow, shrink, or stay flat over time will determine if investors feel that a capital appreciation/depreciation component should be buillt in as well.I'm sure folks on here can give you their general cap rate guidelines for each quality tier.

Shouldn't "legality" be a stronger societal guide than "morality"?

Some for religious reasons, but some for societal reasons.

Until we have intelligent systems that can evaluate perceptions, opinions and preferrences no system can compete.

They are making an effort to change the perception.

(As a caveat, my home market is Lexington, not Louisville, so perhaps my perceptions are skewed a bit. 

I wrote a blog on the realities of SEC vs the perceptions people have. 

I don't necessarily have empirical data to show the number of investors that want to invest passively, but I have been talking to and working with investors going on 11 years now and my perception is that passive investors far outnumber active investors.When you see all of the demand for Turnkey product, it is easy to realize that if you are willing to work hard and develop a quality, service company, you can enter that market and get a piece of that demand.