Never a bigger thrill and rewarding reward.

This is just a cost of doing business; we build the cost directly into the rent. 99% of tenants are thrilled that they don't have to worry about the lawn care at all. 

But if you do break even or even make some money ( or even loose some money but earned a very inexpensive education) while the ride was just one great thrilling adventure, well then welcome to the club.

You, on the other hand, seem to be gambling a lot more with that $60-120 quote rehab quote you're working with.

In fact you are thrilled with $150K.

If you're willing to gamble that it will appreciate more in 2016, *maybe* you hold it another year.Take the tax-free money and invest it elsewhere - stocks, a duplex, something out of state...

If you buy in CA with the speculation of appreciation year after year after year, then I believe you are just gambling and not looking for the long term wealth.

Seems to be your current process is working so it'd be a gamble to switch it up.

You are gambling when you buy a property that is costing you money every month to own it and your banking on appreciation. 

Matt  my surfer dude buddy.. this is simply post GFC were the mantra is cash flow is king and appreciation is luck .. and well many many people believe that.. or cash flow is the only thing and appreciation is gambling... but if I look at the biggest hits of my career its been on Non cash flow assets IE NO cash flow or negative but multi million dollar paydays.