@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

In all major cities, especially ones with a higher crime index, unless you study the market and know it, I would never rely on someone else to choose a block.

I think majority of those that are displaced will likely find homes in the surrounding communities in CA (I’m sure some local CA experts have better insight).

Residential property rental: Could this be a scalable and profitable approach, or is it too risky?

After two years your only profit will be the education you gained. 

They say not to make two major life changes within a year. 

This is my first major rehab and I'm trying to be creative about stretching my budget.

Investing abroad is not something that a majority of investors think of but a lot of my clients have been lately!

One of the major issues I see is this.