I do tend to seek deals with higher perceived risk as they can yield a discounted price and higher returns.  

I tend to prefer KW because I like the mindset and culture. 

As with many hot markets, good deals tend to go quickly so it's best to have a financing partnership/plan in place ahead of time.

We manage our commercial properties ourselves, but those tend to be M-F, 7AM-7PM concerns.

As I said in an earlier message, we tend to take care of most repairs ourselves.

I believe that properties in poor condition tend to bring in poor tenants.

But Realtors are, and rightly should be, cautious about what they say (promise from the buyer's perspective <g>) and so tend to abide by rules which protect them from legal repercussions.This is why you can easily find listings which use euphemisms such as: 3BR with "office" and "potential walk-in closet" for describing rooms which lack a window or closet and so cannot be officially called "a bedroom".

I'd probably pay about $3-5K, but I tend to work in lower priced areas than Will, so his estimate could be indexed for CA inflation.

I am not really interested in multi-family (duplexes, triplexes, etc. ) as these properties tend to attract lower quality tenants and also located in less desirable neighborhoods in my neck of the woods.Question.Anybody here actually building apartment complexes and townhomes for the purposes of holding them as investments?

Contractors tend to make spaces too small and non functional to increase profit and or lack design knowledge.I would build modern style...