Tristate is not a cheap place and an exact number might limit your choice to a few cities only.Maybe more importantly is what you are looking for to achieve.  

Although your NOI might not be as great as some of the areas in the midwest, your ROI (based on what you wrote) sounds like it far exceeds the returns achieved in those cash flow heavy markets (that rarely, if ever, see much appreciation).This might be a blanket statement, but tapping into your equity is one of the most common ways Bay Area investors realize their return.Putting aside $500K for $25K is not what most of them are after.

I think there is a tremendous amount of opportunity in Louisiana and would love to be able achieve our dreams.

It also means a lower target which will be easier to achieve.

I have seen notes listed that did not have a complete collateral file and would have had challenges if the note holder needed to foreclose.What goals are you trying to achieve with Notes?  

I want to gain more knowledge and understanding and achieve a greater level of success beyond just acquiring the property.  

@Brandon Turner I'm sure you have received  boo coo accolades for what you have achieved so I will just say thanks for the welcome. 

Not sure those numbers will be achievable in California just from all the investors from there we see coming to the Chicago market.

In my dreams, I'd find a 5-plex, decommission 1 unit, and have a 4-plex at low financing costs, but my confidence in achieving that reality has diminished, given the preponderance of manufactured housing.

Congrats on your successful flip and best wishes on achieving your goal.CheersPaul