It just may not be feasible or wise to spend the time to create a database, maintain contact with owners, lenders and prospective buyers when there are few transactions).Conversely, available product is scarce in major markets, and as a result, a MHRV broker in a nearby state likely knows many eager qualified buyers.In large markets, I think posting a listing on Loopnet or other listing sites can be the kiss of death for a good quality/easily financeable property – before you know it, tenants and employees are alerted, and you have a bunch of worried employees and tenants on your hands.

Ultimately with the appreciation v. cash flow debate, what you truly want is IRR aka both.This deal swings way to the side of an appreciation play, which is enormously risky AND at a time when the market is pushing new heights.I grew up in California and witnessed the power of appreciation.

Have this conversation with the lender up front and make sure you're going to be able to get enough cash for what you're planning to do.

You have a history of success so maybe a candid conversation with your lender will tell you where they might go with it.

We are now considering a 4th story addition (2 studios) and conversion of the 2 bedroom unit into 2 separate studios. 

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I had one conversation with a real estate attorney that cost me $100.

I recently acquired a 3.53 acre vacant lot located in a county industrial park with easy access to power, water, electricity, etc. 

Fear isn't bad or something to avoid; conversely, it's something you want to seek and embrace.

I plan to put at least 20-25% down for the purchase plus use my cash to do the conversion.