If you're building in the urban core where it will be mainly younger, single tenants, then having 2-3 BRs could be detrimental.

The key component is that the HELOC is based off of the average daily balance and the mortgage is amortized.  

And your generally dealing with a home that is 20 years old or less.. stucco  tile roof  newer components etc no freeze thaw issues.. easy desert landscaping. 

Depending on the asset it might be best for a seller to use the PM company just to manage and a transaction broker for the sale and marketing of their property.I am in the commercial brokerage and investor component you mentioned.

Cashflow is 1 of many components to consider IF you are going to be a direct active investor in a real estate investment.  

Appeciation is just on component but the most significant generator of wealth. 

I want to be aggressive but not to my detriment.  

For low-cap areas, investors mostly look for total ROI (Return on Investment) opportunities which may or may not have a cash-flow component, but usually has an appreciation component.

@Ian Tan, the LLC issue seems to be one where being a California resident is a detriment.  

Location is always a key component and can vary from market to market.