Not a whole lot built in savings, but I do know a few potential partners that would want to go in with me and I'm good friends with a local GC.

Do you plan on investing locally?

Trail each purchase w a 10% downside stop loss limit order if you're not confident in the REIT, then continue your research on private real estate, and when you have the capital/team in place/knowledge of the local real estate market put it to work then, no rush. 

If you've got a large safety net, or this isn't your first REI project, you could be just fine. 

Your local apartment owner association is a great resource for best practices for management and screening tenants.

My husband has been a realtor for over 30 years and we were always very active locally with investment properties. 

My local sherrif has a policy for vacant homes that you can register the address of a vacant home and give them permission to enter at any time with out a warrant. 

Lots of great locals/agents here that can give you Cali specific info. 

@Bob Sislow Well, it’s all about local demand/market and price.

While most of the investors I work with are local, I have met a lot of out-of-state investors buying in Arizona too.