And my options are: -One $800k property in CA (25% down), or-Two $400k properties in ID (both at 25% down).If we take the 2015-2020 5-year appreciation (so as not to include the roller coaster and unlikely 5-year market we experienced from 2020-2025) for each state, the CA property would see an average appreciation of 37%.

But usually section 8 is the same or slightly above market rents.

we can do it not rented but rate will be significantly higher. easier and more cost effective to rent it. unless the bridge money needs to be paid back asap or you need the funds back to buy more, then a cost analysis needs to be done. personally id get it rented at market rent or a touch below if time is a factor. 

Not sure why owners invest in rentals, yet do very little research on market conditions!

If you got a sight unseen, off market offer it could be a low baller.

We blast 500 - 5,000 messages a day from one number in multiple markets, and we never had an issue.

What is the average spread in the market(s) you are in for flips?

It sounds like you have a solid, strategic approach, especially with a focus on value-add properties in appreciating markets.

Also, if you're having trouble finding inventory in your market, look for single family homes with accessory units or even mother daughter setups.

TN markets are still pretty free market so even if you do get cancelled there will be alternatives.