Sometimes it depends on the winter weather. 

For example, the time of year can be a factor, especially when you couple that with weather in the market. 45-60 days does sound high to me, but could be an indicator that either there aren't a lot of renters in that area or there is an over supply of rental properties for prospective tenants to choose from.

I'm not sure where your condo in SD is but my problem with condos here is that you lack outdoor space which is so valuable with our weather.

Find a turnkey partner who is transparent and upfront, discuss with them the worst-case forecast if everything goes wrong at once (new HVAC, leaky roof, prolonged vacancy etc) and plan accordingly.

Many forecasters predict a shift to more CA normal market barring some international crisis that is.

I do signicant market research and there are also many other variables that I consider before moving into a new market...but these are the primary reasons (population forecasts and job forecasts).If you'd like to meet and further discuss, I might be able to make time for that.  

Between the great weather and the summer tech industry internships, EVERYTHING is high priced and scarce.  

Weather it be patching drywall, painting or simply changing light bulbs.  

The problems don't scare me as long as you negotiated a low enough purchaser price with forecasted upside so you are not working for free.  

Anything above 2 points and 9% for a major rehab or new construction is insane;Even in the conditions cited above, if the smallest thing goes south you lose your shirt.Just a delay with your builder, bad weather or a slowing market can wipe you outWith rates between 9 and 20 you're better off finding equity partners, or do smaller deals in cash