A fund with a 36 month investment horizon does not really sound like a portfolio designed for cash flowing assets per se, more like a non-performing portfolio.  

Unless you have a unique way of generating a higher return and can attract investor capital or are investing your own self-directed IRA and buying in cash (most current buyers/hence long horizon), it's going to be tough for you. 

Investment time horizon isn’t the only area where you need to pay attention to the calendar.

CA prime spots are a long term buy and hold play.. as we know the CA market is subject to some swings in values some can be dramatic.. but over time the state has shown some of the best performance in the entire US... but if your one who worries about value on a daily basis then RE can drive you nuts... if you have a long term investing horizon then you buy and hold and if and when we hit a trough you hold through the trough.. you only lose money when you sell at poor times. 

While I'm sure there's risk exposure here that I still don't fully understand, I was comfortable proceeding on that time horizon and for that amount, and eager to learn what I can from it (and especially from talking through it with more experienced folks like you).Also, thank you for clarifying on the "default" terminology, this is somewhat new territory for someone coming from the corporate/venture world!

However, don't be surprised if your agent tries to send you things to consider from time to time; it is always worth considering, and sometimes can expand your horizon. 

I haven't learned much about notes but willing to broaden my horizon's.  

In terms of outlining step by step goals, I haven't laid it out for the entire time horizon.

For me, that time horizon is really long, 10 years is a very long time, in that time you could have sold this crappy property and bought 5 better ones that would be better to rent out.For future prospects, do more in depth valuation on your investment.

Once I get my feet wet, so to speak, then I'll expand my horizons into those things as well.