So I would expect a pretty heavy rehab for off-market.  

We sold 3 locations that had little debt on them with great cashflow, stayed heavy in cash, our stock return was only around 11% versus 25% since we went conservative, have two projects banks have already greenlighted with no downpayment on our part using cross collateralization with other properties- built in $2.5mm equity creation in 3 years in those projects, on hold for now.  .   

I've been buying major funds, your Vanguard and Fidelity stuff, although it's very tech stock heavy at the moment, started buying MLPs, will buy some BDCs. 

This means that every year, your IRR (Internal Rate of Return) will increase.4) In an appreciation heavy market like San Diego, the IRR is going to be the best way to calculate your earnings as cash flow is fairly low relative to initial costs (down-payment, closing costs, carry costs while placing tenants)5) To calculate your IRR, you want to use this formula: (Appreciation + loan pay down +/- Net rents)/ down- payment.you can include the Closing Costs, and carry costs, but I usually do not.

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

Heavy regulation and low supply will boost your value. 

I personally think it's good to diversify your investments and not be too heavy in just one.

This topic is up for HEAVY debate. 

Are you doubling down on short-term rentals in tourist-heavy areas, pivoting to long-term rentals in growing suburban markets, diving into value-add multifamily properties, or exploring something completely different?

Some of the heavy hitters here in Chicago discussed the ADU program with a very nice person from the building department.