Consider this: there are an estimated 10K homes in Pacific Palisades, at least half of which were destroyed. 25% were constructed during the 60-70's and +/- 75 TOTAL were built in the past FIVE years. 

I grew up on the east side of the town with a well versed knowledge of the neighborhood.

I will be in town Friday-Sunday for the National Real Estate Investing Summit. 

With 30 years of experience in real estate and now owning a quadplex, duplex, and a condo STR, you’ve already built an impressive portfolio.

Go to your town clerk, and look up all the information on the loans on the owner and the property.  

Have you looked at how much equity you’ve built up?

I have a couple STR investors do this here in the winter months depending on the events coming to town

Our target towns are not in the urban centers but more suburban towns with good schools are moderately priced homes for families.

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

That said, I can handle it when necessary and have successfully built multiple self-started businesses and ventures in real estate investing (REI).