A friend who is a bookie and gambler once told me lessons aren't cheap. 

A good gambler only bets when the upside potential outweighs the risk.

So bottom line is don't invest in California unless you are a gambler and/or stupid.  

I prefer SFRs with no HOA too ... higher buy in cost, but generally better appreciation & tenant class, more control, more "value add" possibilities (try doing an addition on a condo :)), and no unpredictable HOA fees or assessments to eat into my cash flow.So, though some think that all that buy RE in CA for appreciation are crazy gamblers, and many in fact are, I myself am incredibly conservative, because of my multiple exit strategies believe that what I am doing is NOT gambling, and have the consistent long term track record of profits (in BOTH appreciation AND long term cash flow) to back it up.

I am one of the leading gamblers in the area.

But it feels a lot like gambling to me, and I'm a terrible gambler. :)I hope you'll take this in the spirit intended, but it sounds like you are trying to keep all your options open.

I do know that I am a gambler.

I have always been pretty frugal and think some things are a waste (gambling or designer clothes) but some things are worth the spending (travel)  I was actually in Vegas this past weekend with some friends who were gamblers.  

Are you a gambler or an investor?

Getting to attached can turn an investor into a gambler.