Some places in California had a big run up in prices before the crash in 08 but I would think the more remote rural areas were similar to parts of the midwest that showed more steady sustainable grown It may still be possible to find cash-flowing properties in Sacramento and Stockton.

You will be old and tired one day and you will need income to sustain yourself.At 19, one can not understand that life is short, but long enough to live.At 19 today, you have infinite knowledge, and accessibility (thank you internet), you just don't have the experience to see the cycles of life.

If it is on the west side of the state (near Williston)  I would be concerned about the sustainability of maintaining full rentals. 

If you are able to sustain the expenses, it might make sense to keep the property till it is no longer under-water.

You could then carve out 3 splits.1) Acquisition fee to GP, typically 1-3% of purchase price.2) Asset mgt fee, 1-3 % t of monthly revenues to manage and sustain the investment, oversee property mgr, etc.3) larger equity stake could also be justified for the GP vs LP. 

@Alex Franks the goal is long term, sustainable wealth.

One of the first things I learned in my Intro to Business class is that if a lot of companies are selling a similar product, often times that just means that the market is large enough to sustain a lot of competition.

Hi @Brendan McEwan,Wholesaling really isn't a thing for folks just getting started, as a viable source of sustained income, in the core Bay Area markets. 

However, if your goal is to create continuing source of predictable and sustainable cash flow for something like retirement planning or replacing job alternative then keeping the property as a rental would better meet those needs.  

The money to sustain that negative cash flow has to be coming from somewhere.