The hard part is re-deploying when deals are hard to source and too much effort to bother with.  

Nice to hear your excited to deploy buy and hold strategy in RE. 

Slow and steady wins the race.A lot of Californians choose to deploy their capital in these Linear/Cash Flow markets.

It is subtle, but the true Cap Rate ultimately represents an aggregate return that investors expect to deploy capital in the marketplace.

Learn how to manage your money, get a second or third job, pick yourself up by your bootstraps and if you want the priviledge to own your own home the do it the right way.However, the government, banks, etc.. will need to deploy their money and If the present environment becomes too restrictive, they will need to start lending again.My little house in a community in San Diego, lower middle class 1040 sq ft.  

If I gave you $500k, how long would it take to deploy?

If you open a title report with a title company, you will see if any of the previous conditions are active.Also, The owner may be military and may be deployed.

In which case, your extra money might be better deployed into getting more deals.Actually, that would be my suggestion - pay the highest interest rate (for the ones above 5%) till you bring it to the point the principal/interest ratio is substantial (like 80%/20%) and then stop - the note itself will act as asset protection.

I spent 4 years in the Army, being stationed in Germany throughout with a short 9 month (felt like forever) deployment to Afghanistan.

Personally the only people I know buying 4% caps are all cash holding for retirement, waiting for equity growth on back end,etc.If buying low cap with expectations rent growth and values will go up,up,up especially if the investment is a large part of your worth then that would not make much sense.How much are you trying to deploy for down payment?