I like to rehab in LA or do more of appreciation plays if I can get a smaller bar to entry for holding.

This way we can play them off each other in an effort to get them rented quicker.

Austin proper is more of an appreciation play at this time.Duplexes in the Austin area are currently 189k to 1.8 million Tri's 600k to 1.2 million4's  400k to 1.55 millionBig gaps and the bigger the sales price the higher the note, taxes, ins etc which means less cash flow.

Good margin play but really better than your HML biz?

Simple supply & demand.

I felt like just getting years 6 thru 10 in play, extending the balloon was good and settled at prime plus 1%. 

Account Closed the biggest thing is to pick a multi unit that is in a high rental demand area.

IMHO its not too difficult to source a realtor and put it under PM on your own.Otherwise you can source in san bernadino and riverside counties and bet on the appreciation play locallyPrices in OOS markets are the same as they were in 2006 so be careful...

Hello BP, Is there a reliable source (online or otherwise) to get an idea for the demand of a vacation rental in a particular area?

In my area General Contractors are in high demand.