Hey Rebecca, I'm a broker and investor up in Sacramento and manage about 100 investment properties (STR and LTR).Many of my clients are high W2 earners seeking "bonus depreciation" to offset tax liability by investing in STR.

very high risk even I only do them with very specific investors in mind and a plan. we dont flip land we develop every one. 

If it's cheap, high crime area, proceed with caution. 

Highly recommend starting close to you so you can get eyes on the property if you do decide to purchase a true rental. 

Most agency loans will expressly forbid such an arrangement, so if they found out, the odds of having the loan called would be very high. 

They are usually looking at C or D properties that local agents tell them will “cash flow“ They usually don’t cash flow because of high maintenance and vacancy.

Without the high leverage you reduce the top source of return in CA RE which is achieve via the appreciation on a high leverage property.  

You can buy a set of five for under $300, subscription for the recording software is $10 a month, then the cost of WiFi or hotspot.If you've already had a couple break-ins, you are obviously in a high-crime area.

Also Condos are dealing with high special assessments.

Another thing to note, these are high-paying jobs being moved to Phoenix.