I have personally purchased large apartment complexes from REITs and know how poorly some of them manage their properties. 

@Duarte MarquesPossibly but highly not recommendedFor those with no real estate experience or experience in taking on debt, it’s not easyTo do it also with little to no down payment or reserves in most occasions will end in disasterReminds me of when in high school a friend used to let his dog drive his car.

Prices are higher, but rents are very high as well.

I have sold in California, took the cash and moved out of state (to Indiana) and highly regretted it - I didn't have a real estate investor mindset then.

Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that). 

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

I set my rent standards a little high and realized that rent is actually not that high.. we have a morgage on it and it looks like the house is selling for more than we originally paid 4 years ago.

Even if it's a total rehab if the land bank has a property in an area where the arv's are substantially high wouldn't that be a good deal or a promising neighborhood for buy and hold.

There is a video (free on YouTube) by Attorney Jeff Watson titled "How To Do a Subject To And Do It Right" that I highly recommend. 

High property prices mean fewer people can afford to buy, so more people rent.