To thrive in real estate investing, you must maintain a firm grip on your finances.

You will be selling a service: solving other people's problems. 

As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).  

I've also been in a similar situation in the past and solved it with a wrap.

Beyond that it's not in my nature to complain; I just like to identify problems and solve them, and if I can't solve them then either accept them or move to greener pastures.  

There's no step by step guide but there are key things : Learn: RE strategies, what interests you, what do people in your area need.Connect: find a mentor, accountability group and be around those doing what you want to do.Help: solve problems- do people need dealflow, property mgmt, construction expertise, etc. 

Some of the most expensive and difficult properties in the country (and world) to develop were vaporized into potentially un-developable lots.

This doesn’t necessarily sound realistic in a real world scenario. 

So, we now find most areas where the cost of PM leaves but the general real estate passive investment ROI for the investor hiring property management.  

So as a NON CA world traveler, that was the "feel" of southern CA; tons of amazing potential and weather, views etc but with 3rd world problems that seem to be accepted and ignored by all.