If you're working with an investment brokerage, I'd recommend tapping into Tampa and Central Florida markets too—areas like Riverview, Wesley Chapel, and Brandon have been strong for both flips and long-term holds with steady demand.

With a budget of $300K-$400K, you could potentially find single-family homes or small multi-units in those areas.I'd recommend researching rental demand near universities like Duke or NC State or even checking out neighborhoods with strong job growth near tech hubs.

Do I only draft a cash-for-keys agreement after they've accepted the notion of it or just drop-off the proposal/demand?

Accountability must be demanded by Californians, and the nation as a whole. 

The high end rental properties can be a different animal than your run of the mill $2,500 month rental both in terms of upkeep and demand.

It is about supply and demand. 

The BEST contractors are in high demand, so are picky about doing bids and taking on jobs.

Rental demand in our market is off-the-chart; the shortage of properties continues to hit historical lows year-over-year.

All of this depends on your market having demand, of course. 

Since the changes were made, demand for the product has roughly doubled.