Owning just a few typical properties in California turns you into a multimillionaire very quickly.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

Watch it for a while, track listings, see what sells and what doesnt, what areas move quickly, etc.

I'm worried, scared and excited at the same time.

Yearly increasing costs will, in time, eat up any profit they have per unit.

A prudent investor doesn't seek quick riches through shortcuts.

If your current lender can’t accommodate you, explore STR-focused lenders like Host Financial or Lima One Capital, or consider bridge loans to buy time while you build your rental history.

Most states have "quick take" procedures for eminent domain if there are time constraints (and given the need to house people and clean up, there are time constraints).

Many people don't realize that you gain as much or more net worth through debt pay-down, and while it's less liquid than cash flow, over a 5-10 yr hold period it's considerable if you buy in the right areas with the right asset class.

It is invaluable to quickly calculate a mortgage payment.3.