They ended up renegotiating halfway through so they could take over management earlier and maximize their deductions.

Additionally, Miami has seen an increase in demand from international buyers, which has driven up prices and the exclusivity of properties.Sarasota: Although less known than Miami, Sarasota is attracting investors due to its tranquility, proximity to beaches, and the opportunity to acquire luxury properties at more affordable prices than in other areas.

Or are the landlord laws simply too draconian in California to warrant the risk? 

Prior to these changes many used to allow up to 20%, or so, of additional principal to be paid each year without trigger a penalty. 

Does the Total Revenue include cleaning fee?

There is an active Facebook Group and meet up called "CR Area RE Investor Meetup".Good Luck on your investment journey!

But in the end for me its a toss up between these two. 

Its not impossible to be successful with not seeing but it ups the chances of the investor losing.

We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.The building is in Illinois. 

@Nicholas JosephMany of my clients have shared quite a few stories about how they got started in REI and saving up funds to get deals going.