Agreed, and timing is important, and understanding the likelihood of a correction occurring in one year, two years, five years, or 10 years, is critical to making decision relating to risk - such as how much of a spread is acceptable.

It's critical as an out of state investor to build a team that you trust to advise you.

http://www.businessinsider.com/i-work-in-silicon-valley-for-a-6-figure-income-and-i-dont-have-nearly-as-much-money-as-you-think-2015-9That's why I think is critical for people living in the bay area to learn and understand real estate investing and leverage their income qualification to invest and lower their taxes.  

This is a critical factor.

This is exactly why I posted this on BP so that I can get some constructive criticism.

This is why it's critical to do your proper due diligence.

I agree vetting the promoter is super critical here though.I still own rentals and will keep my A class California properties for cash flow and appreciation.

I have been a critic of Turnkey properties on Bigger Pockets, because I view these properties to be mediocre investments. 

As you know, property management is absolutely critical to a property's performance. 

There are several critical factors and potential risks you should consider to ensure a more comprehensive approach.Regarding your math, it seems well-considered, incorporating key elements like repair costs, After Repair Value (ARV), and projected rental income.