Age of systems and major components, upcoming repairs, any zoning/legal/environmental issues, years left on the leases, reason for selling, surrounding area and potential to find new tenants at same/better rents, lease terms (who pays for repairs, taxes, etc.) etc.

You could live in Austin and invest in another market that aligns with your goals. 

@Brandon WolffI think option 4 gives you the lifestyle component and the “someone else paying your mortgage component “ that it sounds like you’re looking for.

However, when you change the equation to the PM owns the GC company then things get dicy really quickly and it becomes clear that the PM is violating the core ethos of investing . . . align interests to make investing most efficient.This isn't unusual to see in the industry, but it is one of the things that should tip people off to steer clear of a company that doesn't disclose conflicts of interest working against their clients when they are readily evident to anyone working there.

In addition, it may be beneficial to align yourself with proven operators who have a track record of taking down similar properties.

In essence, it's a refi with a small cash-out component.

The thought was that we have these talks on the front end with investors, ensuring their expectations align with ours.

It may be that you don't invest in California because your goals do not align to investing there.

You need to have a good understanding of the condition of the Capex components.

That word gets thrown around all the time, but it's a great start if the firm and/or team have values that align with yours.