The connections I have with other investors, contractors, agents, lenders, etc- brings me and my clients tons of value every day.

The OC I don't mind, and would absolutely move to Manhattan Beach or Newport if money was no object (ie 4M) and I wanted to be on the beach and surf everyday (I did in my youth, not so much anymore).

Think of it this way...If your property rents for $1500 per month that is $50 a day in opportunity cost for every day it does idle.

Fast forward to today, I’ve been searching for deals everyday constantly, just waiting to pull the trigger on something.

You have to reconcile how to establish basis and you need a good system for tracking expenses and income.

It will be 500k minimum up to 25 million and you qualify like a regular loan with full underwriting but it's a praticipation with the Fed. 4 year loan 1 or 3 month libor =300 basis points. 1pt servicing fee and 1 pt fee to Fed.

I keep looking online every day on house for rent and sale. 

Just call them and ask what they need....they deal with this every day. 

That will give you a good financial basis for the decision

What are the market prices for a new home compared to your overall costs basis etc.