So the secondary areas in CA may have bigger cycle swings (both up and down), but depending on the specific location (always the most important aspect IMO) YMMV on the net results.  

Joe Bertolino  I went down there once to check on a bay area company that was pre selling lots they had hundreds of them and were promising that a golf course would be put in and such.. that was 12 years ago or so.. do you know if that ever happened or is it just still desert.when the tide goes out there it really goes out  :)

Or maybe those little green men from Mars might start invading our planet and then we humans will rise to the occasion and come out swinging.

I started washing dishes in a golf club when I was 13. 

You can't swing a dead cat without hitting six real estate agents.

Our golf courses have merged, turned into parks etc.

I am going to try this with them soon, will let you know if I can get it going or if this was just a deal they were willing to swing with him.

@Martin Saenz  we don't and have not had an issue with deal flow.. but like those in the NPN for a few decades they probably have their sources. just like we have ours since we have been doing it for eons.but generally I agree.. the HM space can be invested in with crowdfunders.. although you have the accredited investor rules on manybut if investors shop for local HML you can usually get a swing at a new performer.. one thing is certain though.. these markets cycle.. always have always will. 

.: 4.5% - 8.25% 80% 1.30 3, 5, 7, 10 20, 25, 30 Industrial / Warehouse: 4.25% - 8.5% 80% 1.25 3, 5, 7, 10 20, 25, 30 Self - Storage: 4.5% - 7.50% 80% 1.30 3, 5, 7, 10 20, 25, 30 Gas Station / C-Store: 5.25% - 8.75% 80% 1.45 3, 5, 7, 10 20, 25 Mixed-Used / Special Purpose: 5.5% - 8.5% 80% 1.35 3, 5, 7, 10 10, 15, 20 Single Tenant,"NNN" 4.5% - 7.5% 80% 1.25 3, 5, 7, 10, 15, 25 10, 15, 20 Hotel / Motel (full & limited): 5.15% - 8.75% 75% 1.40 3, 5, 7, 10, 15, 25 20, 25 Golf Course / Resort / Gaming: 5.5% - 9.5% 70% 1.40 3, 5, 7, 10, 15, 25 20, 25 Outlet Mall (Indoor & Outdoor): 5.15% - 7.5% 75% 1.40 3, 5, 7, 10, 15, 25 20, 25 Church / Synagogue: 5.92% - 8.5% 75% 1.25 3, 5, 7, 10, 15, 25 15 , 20 Land - Raw & Improved: 8.50% - 15.00% 65% N/A 1, 2, 3 % Only Fix & Flip / Rehab (1-4) 9.00%-14.00% 65% ARV N/A 1-1.5 % Only Construction 4.65% - 11.5% Adj. 90% N/A 2, 3, % Only Bridge/Mezzanine Loans 6% - 12.5% Adj. 80% 1.10 1, 2, 3, 5 % The range of pricing is subject to the relationship between DSCR, LTV, quality of real estate, & credit strength of the transaction.

See if they will swing by and take a look, if you position it as a potential warranty issue they might be willing to come out.