And while yes, no one has the same pricing (combination of factors), I also continue to check on a regular basis our rankings and how we "present" on total costs per stay vs. our competitors.My gut says there is price creep and we might have a ways to go before the market really corrects.

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

Quote from @Paul Ladendorf: Quote from @Henry Lazerow: A big factor is also who you have do repairs.

If you can shorten the window on the cash out refinance to the next purchase/refinance the rate is not really a factor.

One of the biggest factors at play right now is data transparency among lenders, we can see a lot of the industry-wide trends.

That said, if you have $50k and want to invest out of state, that puts your realistic budget at $150-175k...maybe even a bit less after you factor in closing costs, make ready expenses, and reserves.

Does that factor in both the mortgage, taxes and maintenance? 

With that being said, the interest rate is going to be the single biggest determining factor for whether you're barely breaking even, or seeing a decent monthly cash flow.

You’re absolutely right—speed is such a critical factor in securing deals, especially in a competitive market.

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.