Starting in the greater Richmond area is a fantastic choice, as it's known for its mix of historic charm, affordability, and a growing market. 

Generally 1 to 2 years is where I've seen the bar drawn historically.

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

Personally, I think most of these funds are run by greedy, opportunistic individuals who capitalized on their own fame, a temporary dummy-proof market, and intoxication with their own "abilities" to vacuum up a bunch of largely unsuspecting dupes, accredited or not into funds that were always risky in that they needed everything to go exactly right (largely, the same way they had been going for the previous 10+ year, a historical anomaly) in order to make it work.

Maui, for example, has been a great place to own vacation rentals historically, but we've seen a huge dip in tourism in the wake of the fires.

Located in the historic 4th Ward neighborhood of Charlotte, this townhouse at North Poplar Street is part of the desirable Hackberry Court.

Located in the historic Fourth Ward neighborhood of Charlotte, this townhouse at North Poplar Street is part of the desirable Hackberry Court development, built in 1995.

I had a historic property that I put around $110k into it (all in $290k).

But, Truckee is an amazing rental area and has historically high appreciation over the long term. 

Also, since they have written so many more in recent years than ever before (historically speaking) the problem will only escalate as more and more homeowners come to realize all their equity disappeared into these when they go to sell.