Living in the worst unit each year and fixing it up-- the equity gain is just going to be phenomenal.

So I just wanted to present the raw facts, hear everyone's opinions, and obviously gain some knowledge and tips from investors! 

I’m in CA also and paid cap gains on huge profits to the tune of 28%, which included CA state cap gains.

A deal killer has nothing to gain from telling you it's a bad deal.

I would talk with a commercial broker in your area to get some real insight on what it might be able to get on the market, and then you can list it on things like Crexi, Loopnet, etc. to see if you get any traction.

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

The C rentals still cash flow better, but the difference is marginal and honestly not worth the extra headache. 90% of my gains have been through appreciation and forcing equity through value add.

This risk here far outweighs any small gains in ranking. 

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.

By working for a larger corporation you are gaining an unfair advantage, by letting them train and develop you (while you are getting paid) and you do real estate on the side.This idea is not from me, read RichDad.