@Andrey Y.9-12 months is a long horizon for a flip, isn't it?  

What is the horizon of the investment strategy? 

Turnkey properties can be great as long as your time horizon is well out into the future.Do you know anyone that does value add deals that is looking for a capital partner?

Take advantage of long horizons and create some 5 year goals.

There are a lot of obstacles on the horizon for any investors/owners such as rent control, Prop 13, etc. that I want to be prepared for when calling clients.  

Since Covid began, we've had several months of inventory in the sub $500k condo market and I've seen an abundance of listings with a high number of DOM and price drops in buildings like Spanish Towers, Horizon West (1850 Folsom), etc.

However, I would counter that real estate is a far superior investment on a long term horizon due to its tax efficiency, leverage, and inefficient market (everyone knows what a stock of Apple is worth.

Only way you get to 8% or 10% is less desirable areas or run down properties with repairs looming on the horizon. 

What is your time horizon?

There's too many personal and market variables to mention but just be sure to account for the total value, have a long time horizon, and an exit plan and/or way to stop the bleeding.Keep in mind that a positive cash flow deal with deferred maintenance can end up negative for years at a time even though it's cash flowing day one.