I am no expert, but what I do not see in San Diego is how we get from the present extremely low inventory levels (especially on the coast and the lower priced $800k and below market) to an excess inventory level which I believe would have to be a precursor to any significant price drop.

They may require some maintenance, but not excessive amounts.

Once I build up enough cash reserves from my first investment property and my current excess from my wages I will most likely go the LLC route and begin controlling my assets instead of owning with my next investment.

It's the least you can do after tying up the property for a month (45 days seems excessive, even for a wholesaler...my inspection period is 15 days).Best thing you can do is make sure the deals you get are actually deals, and you shouldn't have a problem finding buyers (or closing yourself if need be).

vacancy rates for off season and when hurricanes come through. how about your liability, is the condo itself covered(liability) and are you, in excess of a typical owners policy?

They left without me having to evict them or excessive drama, because they realized I was treating them fairly, even though their situation was a tough one. 

We do have an addendum to our lease that we include regarding water use in the event of excessive use.  

If there are already built assisted living facilities, there likely isn't excess demand to justify building another facility.

I'm in the process of buying my first property (a condo in the northern suburbs), and I close in mid-October. It will be my primary residence (not an investment) and I'm putting 20% down. My FICO is 804 and I was appr...

I would also add real estate and bonds to the list as well.I think we are in a deflationary environment (i.e. too much debt and excessively low interest rates) and expect the value of most asset classes to fall over the coming few years.Like you, I'm saving my cash and hoping to buy my first rental property when prices come back down.Best of luck with your investments!