But it's also averaged 6% appreciation per year for the last 40 years, and with the underlying fundamentals -- low unemployment, density of high-paying jobs, diversity of industry, low inventory and high demand, and great quality of life -- there's no indication this is slowing down.

Go take an inventory of the number and sizes of units. 

A lot of investors now are taking the sale and starting the exchange thinking that the next 60-90 days inventory will start to open up of strapped landlords may become more flexible. 

Basically, you would record them as your asset, inventory, before you sell them and keep on the books.

There is a huge shortage of inventory in our area.

If none of the court records exist to determine the daughter's contact information, then I would watch the property as someone will be coming soon to take inventory.

Not enough inventory, prices are high, and even if you rent out a 2 bedroom for 2000 a month, you're going to pay 500k for something like that.

Let me clarify; flipping houses is a buy/sell business just like any other inventory one could buy/sell.

I'd think it'd be treated as inventory and not an investment. 

In addition to what others have mentioned regarding a shift from fly away destinations to driving destinations, I attribute a large amount of the uptick to a reduction in inventory.