The location and property type  will likely attract a difficult tenant profile.  

thanks a million

does the value of the land remain the same over time if the building sells for a million do you subtract the $150 land value the $150 cash then balance of loan, say $300 after some payments.

@Chardarius Hello Chadarius.How are you doing with attracting leads...

Fundamentally, to the extent of my knowledge, the Bay will still thrive and grow for a long time to come.But the question of: "Is the cost of living in the Bay so high compared to the rest of the country (maybe historically, or just the affordability index) that it is now a very attractive option for a ton of people to start moving elsewhere?  

Let it be the seller's surprise now - you can use it to negotiate a lower purchase price, because if the system fails inspection, the seller either fixes it out-of-pocket or accepts a significant reduction in the saleability of the property; thereby making the proposition of seller financing with you much more attractive.

From the brokers Ive talked to its around  1 Million borrowed.

, avoid heavy leverage (this removes an exit strategy if the market goes down) OR do not plan to sell (long enough to wait out a dip), ensure your rent rates are good enough that if they dip you can still cover your payments / expenses, get great managers or manage well to ensure solid tenants, and have enough money in reserve to operate in a bad scenario.There are a million ways to do everything in real estate.

I am looking for older Apartment properties in the 1.5 million range that need some updating.  

Which is more likely to occur.  1)  The bank calling a loan due on sale for transferring to an LLC, or 2) A landlord being sued and judgment entered in excess of my liability limits (500,000 per property, 1 million umbrella)?