@Dan Bowe - The truth it, you need real life experience prior to taking other people's money.

I do not know the markets you mention, but wonder how numbers could work today in a very mature market like Nashville with a current seemingly high vacancy rate due to lots of development in recent years. 

People need to know about him. 

I'm just curious...I'm here in CA, and with the cost of housing, I'm always wondering if my home is too large and if I should be finding other ways to invest my money, such as buying rental property (2 town homes instead of a house for example) and moving into a house later. 

Many times I have been in the home they choose 3-4 times for previous sales years ago, so can tell them all about updates, etc.I think many people are getting ready to have a rude awakening in the coming year or two and when people get burned with no representation or loose a lot of money.

You can do both usually you want someone that can lead a team and convert the lead and sell if they need too and most people with that skill set are currently working.

Contractors can be some of the least reliable people on the planet - no offense to the good one (singular) reading this.  

An investor buys, flips, rents, manages people, and hold assets. 

Oh I see @Jay Hinrichs the old stuff seems harder to access not sure sorry not to read your whole question. i have wondered that about the older ones too, they were better more realistic.

They told me that they like to lend to people with solid experience.