My area has seen two major pullbacks in real estate prices - the late 80s and 2008-2011, that were 13% and 22% (blended across the region), respectively.

@Robert Davis IIIOut of state is a great thing, if you live in California :-)It is defiantly doable, I know many people who have their entire RE portfolio out of state or out of country...Now , with all that said , if this is your first RE investment then for sure you have to visit the area, and get the local insight, plan your trip ahead and have everything lined up:Several "potential" properties that you would consider investing in, tour them real good and grade them for yourself ..When you visit these subject properties make sure to blend in as much as possible with locals , neighbors, mail man and everyone in town that will be happy to discuss and contribute REAL local insight ... at this point I would not take advice from anyone that is talking from position...

The way I see it, unless they start tracing your IP address to your computer's location and triangulating that way, OR AirBNB starts forcing you to provide a unique identifier like a SS# to open a new account and then somehow verifying it (You can still have friends and family have accounts this way) and using a blend of strategies to make sure you aren't gaming the system, it will be very hard for them to enforce this for those who are motivated to get around it...

Is "standing out" or "blending in" better? 

This a blend of a few things I’ve been told and learned in classes.

You could also blend the two strategies.

They didn't blend any of those numbers.

This would give you a great tool for your balance sheet as well as help with other accounting issues, and Is much faster.Personally, I think the best thing is a blend of Quickbooks and other “custom” reports.

(c) Prohibited transaction(1) General ruleFor purposes of this section, the term “prohibited transaction” means any direct or indirect—(A) sale or exchange, or leasing, of any property between a plan and a disqualified person;(B) lending of money or other extension of credit between a plan and a disqualified person;(C) furnishing of goods, services, or facilities between a plan and a disqualified person;(D) transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan;(E) act by a disqualified person who is a fiduciary whereby he deals with the income or assets of a plan in his own interest or for his own account; or(F) receipt of any consideration for his own personal account by any disqualified person who is a fiduciary from any party dealing with the plan in connection with a transaction involving the income or assets of the plan.Purely my opinion here, but the between interpretation would seem to make sense as the proper intent of the code. 

I am still working on developing the specific steps I plan to take but I mostly interested in starting with the BRRRR method to blend both immediate capital building with my long term plan.Looking forward to the journey!