Our housing market is one that has not had inventory levels increase, our median days on market are in the single digits, and there has not been noticeable downward pressure on prices.  

Unemployment in CA is in the double digits.

Using your primary residence you'll have a lot more options but I would check out those two as they have a strong presence locally.

Note: I am still a rookie and only in the single digits for doors owned.Big factors that quickly erase cashflow and that may put sizable monthly cashflow even into the negative:Not budgeting in all the placement fees, renewal fees and percentages, certification costs (mandated by the municipality)Many management companies do a very good job taking care of properties including one of mine.

I want to ask the experts here if they feel sending cold emails can generate tons of hot leads with minimal effort or if it is another digital strategy that looks like a scam.

I have been in sales for about 20 years primarily in the banking field as a financial advisor and currently in Digital Marketing Sales.

If you go there, you'll bump into plenty of tourists and digital nomads.

It's more typical to have a preferred return at 7-10% & then projections on cash flow splits or gains at sale in the double digits.  

And I've done many with 8% preferred returns and average cash-on-cash returns in the high single digits and low double-digits. 

Yea there are two groups here, one has cancelled meets due to COVID right now, but the other is active digitally and fortunately I already spoke with the guy who started that one :)