This is the worst inventory shortage we've seen and isn't likely to improve soon.

I think SoCal is pretty awesome personally...we visit pretty often...love hanging in Balboa Park...beautiful scene...nothing quite the driving the 1 up the coast...last time there we drove LA to SF on the 1 and immediately starting looking for local RE.Hope to see the ADU restrictions lighten up soon...that's really the key to starting to bring our housing markets into balance...there really is no such thing as a housing shortage...dwellings exist in every 2-car garage in America...and definitely a win-win if you can build on your own parcel in SoCal.I think at the end of the day it's the barrier to entry...for most guys starting out with $50k in capital, SoCal is not on the list of places to look.Oh, and don't forget about Lake Erie ;) 

The population is expected to grow 18.5% by 2025 and geographically restricted building will cause an even greater housing shortage.

It does not matter if that business is in real estate, a coffee shop or a shopify account.I am lucky to live and invest in Milwaukee, which has become one of the hottest markets in recent years, which extremely high rental demand (#3 in US per rentcafe) and a chonic housing shortage.

You avoid 8-12 months of pain having to deal with builder delays, ground breaking due to winter/hard ground, costs of materials or shortage of inventories, etc.If that’s not your cup of tea you still have Charlotte, Duram and Fayetteville all offer some great sale prices on SFR's and 2-4 units for STR/LTR.Owning a home is a plus to get started if there is equity to use and you want to stay cash fluid just pull out some cash through a refinance or Heloc to cover the DP on the new REI.

Also, is there a shortage of handy folks in your area?

The building is geographically limited creating a shortage. 

Pay them asap and pay them well... there is a shortage of tradesmen and there will continue to be an increased shortage moving forward.

I think building out a strategy and thinking about what you want to do moving forward is a great starting point because it doesn't seem like you have a shortage of options.From leveraging your existing HELOCs, opening a new one, or fully refinancing your property that is paid off, it feels like the biggest concern I would have for you would be 'paralysis by analysis'. 

The shortage of contractors in Akron right now worries me.