This type of tenant will cost you everyday they are in the property.

Basically looking for properties to BRRR. https://www.redfin.com/TX/Houston/5503-Elm-Tree-Dr...https://www.redfin.com/TX/Houston/4227-S-Acres-Dr-...The two links above are two properties that are similar to many properties i see often. 

What is a Termination of Tenancy?

What we most often see is the rent is about the same as for a single family home investment, but then subtract $200-$300/a month HOA fees or more and your returns go down 20-30%. 

The equity in CA homes is often significant that even if you pull out a portion of it, you can capitalize yourself very well for OOS cash flow centric investments.

Replacement value (as shown by your insurance bid) is often in the 200's for a SF and sellers would be happy to ask that much for their properties, but neighborhood issues dictate a steep discount.

Bank connections break often.2.

My point @Dan Handford was the atlist have few potential investors lined up.It depends on your business model, often with a found that works with close group of investors/ friends/ family there is some sort of commitment upfront. 

We often hear the success stories, but not the difficult ones.

I'm using my time to learn how to identify that bargain when it walks up and introduces itself to me.I keep a couple of years of living expenses in cash savings (often recommended for retirees) so I don't panic if the stock market sells off.