The barrier of entry in the good neighborhoods can be pricy so looking for a balence of the best neighborhoods with a relatively reasonable and attainable cost of entry. 

If you're looking at good comps, those should tell you what type of rehab you should be doing to attain that value. 

The steps are illustrated below.By utilizing this method, if something does not pan out with one or more of the replacement properties, we still have ample time to locate, put under contract, and validate (due diligence) another property within the 45-day identification period.Movement of FundsA regular question I receive is if a 1031 exchange agent is required.

That personal relationship results in a lot more flexibility on various issues, and ample notice of inspections.

Evictions are quick and easy (just a few weeks, faster than most states), judges have always been 100% on my side, sheriffs conduct the move-out quickly with no fuss, there’s no notice required for owners to inspect or enter the property if they want to (I usually still try to give some notice out of courtesy, but it’s nice that I’m not required to), rent control was prohibited entirely across the state in 1981 (recent efforts to overturn that have failed), HOAs don’t have much power here (max fine is $500 for non health and safety violations, they have to give ample notice before any fines, can’t foreclose over late fees or fines, etc.).

@Curtis Harrison - It's pretty easy to manage calendaring in the midterm rental space because you have ample heads up, at least 30+ days, but often more like 2 months, 3 months, etc.

You need to clearly explain when the lease ends and ample notice needs to be provided if an extension is required. 

However, in many cases you likely won't be able to obtain by-laws until you are under contract.I would have your attorney include a specific "HOA" rider in the contract for this exact reason- It basically would require that you have ample time to review the governing docs of the HOA, such as master deed, current by-laws, current year’s budget, and last two years of audited financial statements, association meeting minutes, etc. 

One benefit of giving ample notices has been getting the notice reciprocated from a tenant of non-renewal of lease (90 days).

@Stan Sugarman All things you said are true regarding demographics, but rent growth is attainable.