This probably should be obvious with any sales person - but keep it in mind.One final minor issue - they are slow to pay out rents - often at the very end or after the end of the month.Property #1)The first property I bought was suppose to be a 4 bedroom and 2 bath but the basement ended up "costing too much" so they weren't able to do it for our contracted sales price - the rent was able to be raised to make the speculated return line up without the extra bedrooms.

This area was a large speculation back in the day and never really made it.

Now, take a huge cut out of that since you're halfway down the page (I can only speculate), and whoever gets that far, will click on your site.

Of course I will not debate with people who say there's no cash-flow in the Bay Area and appreciation is speculation.

Call it "speculating" or speculative investing, call it an up market, you guys can call it whatever you'd like.

The only negatives I can think of are missing the greater future price appreciation in SF (although that's speculative I believe it's accurate) and the possibility of trading one rent controlled unit for two rent controlled units.

South Baltimore may be a good speculative option due to endevelopment at Port Covington, but that's a long and expensive gamble. 

But I will speculate a bit.If you sell an asset whether it's real property or a corporation you pay capital gains on the difference of sales price + costs - purchase price plus cost - accumulated depreciation. 

I remember quite a while back the two of us and others were speculating what the fall-out might be.

Some markets appear to be over heated:Home-Flippers Reliance On Leverage Rises To Highest Level In 9 Years Jun 8, 2017 11:15 PM“Home flippers financed an estimated $3.5 billion in purchases for homes flipped during the quarter, up from $3.3 billion in the previous quarter and up from $2.4 billion a year ago to the highest level since the fourth quarter of 2007 — a more than nine-year high.”The explosion in home valuations in urban markets like Brooklyn, Washington D.C. and San Francisco has inspired real-estate speculators to search for the next big score, with the highest percentage of home flips completed with the aid of outside financing occurring in Colorado Springs, Colorado (69.3 percent); Denver, Colorado (54.8 percent); Seattle, Washington (51.6 percent); Boston, Massachusetts (51.3 percent); and Providence, Rhode Island (47.3 percent).Matthew Gardner, chief economist at Windermere Real Estate noted that escalating home prices in Seattle forced flippers to rely on financing their purchases.