If you try to get in with some upside down project with thin margins you won't be able to do it.The midwest from Pittsburgh out through Ohio and into Indiana, you have markets in that belt that offer beginners with little capital and no experience a chance to play.That's fine and dandy but setting up a network full of Agents, Wholesalers, and GCs that aren't gonna over sell you, talk you into a bad project, or plain rip you off is the hard part.

San Diego wins even if it were not for prop 13, but add in the benefits of prop 13 and it wins by an even wider margin.  

(remember, more debt = more risk)Lever 4 - % Tax RateAnother HUGE consideration.Depreciation is a deduction that you are allowed to take at your Marginal Tax Rate.

You'll spend only marginally more but you'll come out of it with much more sustainable processes.

Margins getting thinner.ADRs have actually decreased significantly in my market (Denver) since 2022.

Profit margins are tight and every penny counts.

Depending on which brokerage you use, you could possibly borrower against your securities holdings with a line of credit (similar to a margin loan) if it's not a retirement account. 30-35% of the balance would likely be within reach, but make sure you FULLY understand margin calls and when they would trigger.

If you like the margins, go for it. 1 thing though, double no triple check your rehab & ARV numbers.

They have deals you can look at with better margins and less competition compared to on market. 

This would be my single biggest piece of advice, as a rough location with little upside offers little margin for error.I sent you a DM to help out :)