As for the commercial, commercial loans are not as nice as non-commercial F/F loans. 

I invite you to do the exercise on your Mission Beach property to determine the appreciation per month over your hold period.I suspect it is a very rare zero appreciation market non-commercial property that has produced $4k/month of cash flow (with 20 units maybe they can have $4k/month of cash flow).Good luck

Actually they become peasants, at the mercy of the new landed gentrythis crap needs to be illegal. while they maybe buying a lot of property and they are  they are not paying 50 to 100k over fair market value they did not get to become billion dollar concerns paying that far over retail for a product.  

But, cap rate doesn't matter at all to me in non-commercial properties.

 there’s a cap of 6% sellers assist on non commercial loans but commercial loans have no cap and the bank didn’t even know the answer because no one ever asked.

I think we want to stay in the 2-4 unit (non-commercial) area for now. 

In addition Case Shiller shows best return for non commercial residential for this century have the top 3 cities are California cities.  

(See also the chapter: "Leverage is for peasants")Cashflow is QueenIf your portfolio is bringing in cash each month, then you can survive minor expenses and even a few major ones without coming out of pocket, provided the cash isn't withdrawn every month.

If they fall non commercial residential will be impacted.  

But, I am a CCIM so that opens the door and usually seals the deal.As for the big guys - and a lot of commercial brokers on big deals - the minute they suspect you are residential or a principal (non commercial broker) they will not co-broke.Like saying "What is the monthly rent?"