Condos are more volatile than other asset classes.

This will help build your wealth over the long term and take you out of the crazy ups and downs of some communities around CA and the stock market volatility.  

I also know the California real estate market can be a little volatile, which could work in my favor if a large spike goes up.

I am with you Vanessa, while I am not certain that appreciation will or will not occur, I think the key to keeping volatility low is cash-flow.

Knowing that Detroit is still volatile, would you consider it to be a strong potential commercial market?

If I were in Bruce's market, which I think tends to be more steady/less volatile than mine, and could get ~1.2% rent yield in a nice neighborhood on what I'm guessing is a couple hundred thou for a duplex and had the cash on hand to fund multiples simultaneously, I'd prefer his strategy all day long ... he still has "the need for speed" by the way, when his units are vacant and in disrepair, he's just flipping to the rental market for a year rather than straight to sale :)In my market, SoCal is notoriously manic depressive for one, so your tax savings could be greater than stated by holding for that extra year if the hot market tanks taking your capital gains with it.

As prices continue to go up some buyer's can only afford the lower price range.I am not expect the market to be very volatile in 2016 but rather a slow and steady, healthy, balanced market.

It's hard enough to hit a target you don't have, but also hard to hit a target you don't see clearly.Equity has value, but that value is volatile, as we have seen thru the recent crash.

Mortgage Rates Face Big Potential Volatility TomorrowMortgage rates almost made it through the past two months without any major move higher (except those moves that were correcting the major moves lower following the China-inspired volatility in late August).

I honestly think the market here is a hidden gem if you want stability and not volatility.