@Justin MangesCapex are big ticket items like roof, HVAC, plumbing and windows etc.

A friend of mine says that getting some short-terms in the summer months near Grand park in Westfield is the ticket, but I would just be concerned about the off-months.

Can you get there easily (direct flight/easy drive), and do you know anyone there that can help you get a lay of the land?

Real estate is the ticket to freedom.

This limits large ticket surprised down the road. 8.

We only plan to hold our CA units for about another 5-ish years, so we're not setting money aside for some of the bigger ticket items (like roof), because they won't go bad before we sell. 

@Billy Mehlinger When I was training to be a hot air balloon pilot and the weather was bad not allowing flight my teacher asked me "Would you rather be on the ground wishing to fly or be flying and  wishing you were on the ground because of a problem".   

House Location: UT (Im in california) I just took a trip to meet up with the realtor team I've been dealing with.This house is a foreclosure (someone started to flip this and it foreclosed) All big ticket items are new.Asking price $92,500 (I'd be offering $85,000 to start)To finish the rehab: $10,000Comps for the area are $120,000Realtor is pretty confident He could sell for $130,000I have enough equity in my current house to do the deal alone, just looking for other options, offers to do this without pulling money out of my house.Thank you for everyones input ahead of time!

In August 2013 We had tenants at another home report that the AC wasn't working,  They moved in Aug 1, and this trouble ticket came in on the 2nd.  

The sponsor is the organizer of the fund - The entity whose properties you are buying tickets/shares of.