(notice the emphasis on screening the tenant.)

One of my house hacking tenants pays me in cash and I don't mind (emphasis on house hacking tenant - my other tenants don't pay me that way).  

However the more volume you have the more of an emphasis your job will have on a contractors schedule.Phoenix is definitely a landlord friendly state, both on a lawful level and a supply/demand level.

This broad emphasis on   

I would go with a hard money loan if the conventional path is: i) not fast enough to fund; ii) you're tapped out on a global LTV basis; iii) you need up to 100% of rehab costs to be covered, which I know isn't your case; and/or iv) you want a loan to be underwritten with the asset in mind and minimal emphasis placed on borrower FICO.

Thanks for your insight @Darius Ogloza, would you say that the emphasis on appreciation is typically greater in the Bay Area than in other areas then? 

Begin to put a real emphasis on education?

@Jason Carlton, All the books on real estate investing is relevant, with emphasis on Recession-Proof Real Estate Investing, and The House Hacking Strategy (because that's the direction you're headed as you previously stated).

This investor doesn’t put a large emphasis on the future appreciation of the property, and will never invest in a property that does not produce positive cash flow (money left after all expenses and debt have been paid).

Our properties are priced 5% - 10% below market, professionally renovated with a major emphasis on mechanical items, located in economically sound neighborhoods and cash flow very well even after realistic expense calculations.