My wife will be quitting her full time job to manage our rental properties and stay home with the kids.

Part of your home work should be to figure out a bulk of the financial's before hand.  

Yes, 60%+ returns are attractive but investors need to do their homework on the area before the buy.

I remember her telling me the dog went to the bathroom on the carpet many times and her kids broke some of the items in the home.

The most memorable was to prepare a house for my sister and her kids on short notice.  

On the one hand, I am a parent to a kid who is 20 years old.  

Not keeping me away.. ...But for my grand kids I am buying them property on the east side of the Cascades  LOL.I don't think global warming will affect me in my life time but future generations if it happens will for sure.and if it means building walls then we will have to divert money from the military to build them I suspect as they would be the massive flood projects like were done in the early part of 1900's  IE the missisippi river deltas...

May be Sacramento midtown is turning into Walnut creek / Rocklin, new money families or rich dad kids are moving in?

I was definitely feeling the glazed eyes when I was playing with kids and talking with my wife (so bad to do that to your kids and especially your spouse.  

I am a student at UAlbany, I see so many kids living in townhouses, and they are in OKAY condition, I am wondering why people do not buy/flip/rent in this market?