Plus, years down the road, I plan to split my time between SF and Detroit, so this would be a step in that direction.Another major focus for 2025 is a personal project: we recently completed a large ADU build at our primary residence here in California.

Can we all agree a dollar made in Austin TX or Bryan TX or Dallas TX or San Francisco CA, or Nashville TN or any where spends the same wherever you choose to spend that dollar.  

@Jonathan Greene I'm not sure what you mean by "most will not cash flow as an out-of-country investor" as it might suggest that the cash-flow of a given property has something to do with the nationality or residence of the owner but, in any case, you're absolutely correct that, historically, the net rental yields of LTRs in US cash-flow markets like the Mid-West have been typically higher than in the average European market, although that wouldn't be the case for many other US markets like California or New York.

I’m in CA and bought it sight unseen.

I just did my last one in my life for CA. 

I live in San Diego, CA and as you all know, it’s a very high entry point here so looking to get into a long term rental elsewhere.

I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

Ironically, the one property which I own long-distance is my California condo.

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

You don’t get CA level appreciation in Kansas City.Some areas are high crime so need make sure you understand the neighborhood you are investing in, like any city all locations are not equal.Very car centric city, mass transit is not widely used, people don’t walk, they drive outside of a few very walkable locations in heart of the city.