Quote from @Jeff Adolphe: @Kevin Collins How long does it typically take you to secure a house with REI?

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

He is securing expensive debt, not debt through a bank, isn't putting any capital into the deal and structuring the equity investment in a highly risky manner without any upside offered to the investor.

As to others points rents will change with supply conditions.

Here’s how it works:Population Decline or Stagnation: If the population is static or shrinking, the current housing supply meets demand, and property prices decline (in inflation-adjusted dollars).

If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

Whether you’re buying or building, focus on doing so below market value to secure immediate equity or strong cash flow potential.It's also important to thoroughly research the local market—pay attention to trends like rent potential, job growth, and population increases.

We have not been able to secure financing and had conversations about it.

The other California investors with more moderate incomes bought years ago and have built wealth from 30+ years of appreciation and small mortgages and their rental income supplements their pension or Social Security and retirement accounts. 

we invest in non performing mortgages (and do some short term RTL's), and the indicators we look at are our inventory supply and where is the inventory.