It sounds like you have a lot of experience in this space, and I'm always interested in learning more.I think one takeaway is that this is a difficult asset class to own and operate, and just like @Jay Hinrichs mentioned, having a great team is essential!

For those navigating this evolving market, here are some critical takeaways:Price CompetitivelyCorrectly and competitively pricing your property is no longer optional—it’s essential.

So essentially you are asking what states are the most opposite of California? 

This requires more than I can type here in this reply, but essentially there can be more moving parts unless you do it in a sequence.  

I am expecting a day of reckoning for this model in the coming years when an LP decides to file a lawsuit based on misrepresentation which traces back to the teaching techniques of the coach/mentors who are essentially offering pay for Co-GP title courses where the students are taught they can use their GP title to raise money.

I bet that essentially no one is starting new construction projects, which bodes extremely well for owners 2-4 years from now.- Prices for insurance policies will never go back down, but it is not unreasonable to expect costs to rise at a more predictable pace from here.

For management, self-managing saves costs and teaches valuable skills, but a property manager is essential for out-of-state properties or scaling your portfolio.

What is Evernest even doing if all of us property owners are the ones essentially managing things?

From 2nd Mortgages to 1st MortgagesWhen I started, PPR was buying primarily 2nd mortgages. 2nd mortgages is essentially loss mitigation (helping the borrower get back on track and stay in their home).

The property is fully paid off, as it was essentially gifted to me.