Also, I don't know about California, but in the state of Georgia we have a state funded HOPE Scholarship where your child will get 75-80% tuition waived to any Georgia state school if they maintain a 3.0 GPA in high school, regardless of how much income your household makes.

We could live on the rentals now but I have other business interests to supplement our household.

(Free print job)In regards to the yellow letters I would begin by mailing about 500 (postage costs only)    (Three letters / household @ a 2&1/2 week intervals)Plus having someone personally tape a customized letter on front doors instead of mailing them.

Note: It is important understand that when you market for motivated sellers, it takes a frequency of 4 to 6 times of the mailing to the same household to get them to call you, the real estate investor.

(Of course, as discussed in this thread, I would keep substantial liability coverage).What I found is that the statistical value of the property insurance, based on Claim Frequency (percentage of households making a claim each year) and Claim Severity (average payout for each claim), in the categories of Fire & Lightning, Wind & Hail, Water Damage & Freezing, and "All Other Property Damage" pales in comparison to the premiums charged.

They occupy a certain percent of the household.

Max Householder I've seen the price of Minneapolis and the surrounding area go up over the last couple years pretty dramatically, but with that said there are such good economic factors that I totally agree Minneapolis is a great investor city for anyone trying to create a long term rental portfolio!

Also considering that household debt has made a new high (see article link below) surpassing 2008 levels, everyone pray that both unemployment and interest rates stay low so stock market and real estate parties continue. lol. https://www.nytimes.com/2017/05/17/business/dealbook/household-debt-united-states.html 

It's all relative.If a household is pulling in 400k/yr and their mortgage is 38% of their income... other cost of living items like food, clothing, transportation are still a small(er) percentage of their income.

@Max Householder hit the nail on the head with Cherokee, and South City in general... the quality of the area and the tenants you can get can vary drastically block by block.