Mike, I would love to connect and speak about the area and the different strategies, creative financing, and tools needed to succeed in the Myrtle Beach market.

Normally (prior to the Corona age) the annual expected return was over 10% (net) and the average appreciation around 6% annually.Taking into consideration that the time to complete a project is between 1-3 years (depends on the size) and my strategy at the moment is to develop the project and to cash out, I am not sure that offering a preferred investment is possible unless I am using my own capital to finance interest distribution.Actually, I am exploring 1.

Here's how I do my due diligence:1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

What are some good strategies for the California market that work for people?  

I had never thought of refinancing it with another lender This will depend on what your overall exit strategy is, also I would make sure you have several options in case the land stops appreciating.

Anything smaller than that would require a more hands-on approach.To succeed in this field, it is crucial to adopt a data-driven approach, maintain perseverance, and establish strong relationships with developers.

I primarily focus on running the numbers as an LTR because, short of selling, that's my ultimate exit strategy.

The problem with asking this type of advice in a RE-centric forum is you will get a lot of bias baked into that advice. 

The bottom line is you shouldn't use any of these strategies without proper education or hiring a competent person to guide you AND you should have the ability to reposition the debt IF the sellers lender calls the loan due.

I am writing to seek guidance and advice on venturing into the world of real estate, particularly focusing on flipping properties and the BRRRR strategy.