I was ready to submit an offer, but I called my GC first, and he strongly advised against flipping in Coronado due to the strict permit requirements.

I live in SoCal so if I wanted strong cash flow I would likely have to look out of state.

Have a strong partnership agreement that clearly defines roles and responsibilities, profit sharing, exist strategy, etc.

Building strong relationships and continually learning will set you up for success.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

There is a light at the end of the tunnel, be strong... and then maybe call your local councilperson to tell them about the horrible situation you're in.

., there’s a strong chance you could legally convert to a two-family.

My plan is to develop five 1,200 SF units, allowing tenants to lease multiple units if they require more space.Recently, a 62,000 SF medical building from a Reputed Hospital Name opened directly across the property, which reinforced my belief that a medical office setup would be a strong fit for this location.

In addition, a strong property management company will tackle all aspects of marketing, application, ensuring resident satisfaction, fair housing, handling late payment/evictions, renewals, etc. 

The rent-to-price ratios are strong, property values remain relatively affordable compared to many other cities, and the city has been seeing real economic and population growth.I invest in Detroit myself and have built a portfolio of 12 doors there.