Miami's economy has become heavily based off 2nd hand folks, the ultra rich that have live there but work elsewhere.

The answer is ultra simple, what value does a person bring, end of story.

When I ran 12 employees churning out ultra high volume apartment painting, we had daily and weekly meetings.

keep in mind I am at the end of my real estate journey so ultra conservatism is the rule for me.. although I can say never used my equity in a home for future financing..

I have sold houses for a flat fee of $1,000 and a flat feel of $5,000 I have also had a case of Ultras as the commission (I was buying that one). 

We have a significant segment up to $2000 and then there is the luxury and ultra luxury segment - where I live in Mequon you can rent a townhouse for $4,400...Keep in mind that your attitude to your property will be reflected by the tenant ("whatever is cheap, it's just a rental" mindset).

That does not include principal pay down which pushes returns higher.If you are going to try an advanced strategy fracturing 1031 money into multiple buckets to diversify then that has to be started ultra early.

This includes their Multi-Purpose Primer, Drywall Primer, Duron Ultra Delux, ProClassic (latex), and Super Paint. 

These are some Wealth Creation Strategies that the Ultra Wealthy employ all the time as their biggest concern is Wealth Preservation.I know this was a 30k foot overview of the possibilities but like I mentioned, it would take a very long post including charts and narrative to go over the "fun" and being honest probably way beyond the scope of this forum.Get with a strong Attorney, Estate Planner and CPA to put the game-plan in action.

The median income also lessens the impact of ultra-high-wages residents (which you and I both know are far more common in NY than the city of Cleveland).As an aside, I don't like using the city of Cleveland as a statistical marker.