But if you look at counties rather than cities, San Diego is not among the giants.  

They arent buying for appreciation.One way to look at TK is the operators are holding your money for a giant fee! 

@Bryan Ottesonif the investment requires accredited status and you are not able to satisfy this status on the plan level, you as the plan participant must be accredited in order to invest in this opportunity. 

I have an excellent article for you regarding why NYC never exerienced the crash --http://withconfidence.blogspot.com/2012/08/which-is-really-better-co-ops-or-condos.html -- we avoided the downturn b/c 75-80% of our buildings are co-op -- MUCH more financial restrictions than a mortgage (typically 25-33$ down but could be up to 75% down or cash only) -- higher down payment and 2-3 years of POST CLOSING LIQUIDITY (maintenance + mortgage) must be in your checking account AFTER closing in case of ANYTHING... some co-ops require full cash only and then post closing, be worth twice the value of the apartment-- some notably require you to have over $100 million in assets!!

It had a basement master (basically a giant living area with fireplace and two closets with a bathroom that could make a great makeshift studio) and then a master bedroom upstairs, with another bedroom that had a hall bathroom right next to it.  

Even if your not able to save up the 20% you can always see if the owner wants to owner finance it to you.

If an investor is not able to add value, passive syndication returns (mid to high teen IRRs) will likely equal or exceed the returns of active investing. 

I was originally looking in that area but was not able to find a deal that fit my parameters.

It's about you not able to control the process of repairs and rely on the people who you personally don't know.I think you're right to not go with the deal you don't feel comfortable with.

A broker is not able to be held responsible for a legal or tax advise if they are not correct.