They are willing to trade one high-equity property in a tenant-friendly market like San Francisco for a more landlord-friendly growth market like Austin.

I funded this with US cash, as well as a loan with a Canadian bank.I have shared this process with many friends and other real estate buddies that commended my journey.

Phoenix has been a hot market for rentals recently, but consider how long-term trends, interest rates, or construction projects might impact demand.Here’s a quick story: A friend of mine bought a new-build in a suburban development a few years back.

The trend is your friend.

A single-family home or small multi-unit property can be a great way to dip your toes in the water.Build a Team: Even if you’re planning to handle most things yourself, having a good real estate agent, property manager (if needed), and a reliable handyman can make life so much easier.Learn the Local Laws: Pensacola is pretty investor-friendly, but it’s always good to know local zoning laws and short-term rental regulations if you’re thinking about Airbnb or VRBO.Run the Numbers: Make sure you’re clear on the property’s cash flow potential.

To me, PML is a friend of a friend or an Uncle or a co-worker's father. 

When completing these deals with cash vs HML, was this cash that was rallied through family and friends, or accumulated through previous flips? 

There may be some lenders that might be a little more "borrower friendly", but I haven't found them (nor do I have the time to look for them).You might be able get better terms if you "house hack" by getting an FHA loan, but I don't generally work with those loans.

One of my commercial RE agent friends  here moved out there. 

Real estate is a long term game once you understand that it gets easier my friend .