Currently, the federal government is subsidizing the cost of flood insurance but the government has made it clear that they plan to phase out the subsidies over time.

The problem is that you clearly don't understand electric bills very well (or you wouldn't be asking this) and tenants rarely understand their own electric bill.

So that gives you some freedom and options, you do not have to do a 1031 so less pressure.Depending on how much you make on that determines what you do once you get to CA.I would simplify your life and move to CA first and rent, dont buy anything until you know and are clear on your objectives.An average 4 plex in So Cal is hitting $1.5m - really tough to make that work. 4 units in LA is really out of whack.And do the "rent where you live and buy where you rent" much better approach than trying to buy $1m dollar shack in LA.Palm Springs is interesting and you can find some decent priced properties and some work as an AirBNB so that is interesting but I would run you calculations on standard rents and not base it on Short term rentals.

Using tools such as Motivator, AirDNA and Eliot and Me
These websites are very helpful, but they don’t make it very clear how they calculate their figures.

@Erik Nerison , we have to pay a painter more if they have to work move and cover all a tenant's possessions to clear the way for painting--best to do it while the unit is vacant, IMHO.

A property manager who can educate you on a market, help you form a strategy, fit right into your due diligence process, and execute on a clear takeover game plan as soon as you hold title.There are many good investment properties with great cash flow even after all expenses are calcuated.

Sorry, maybe I should of been more clear.

I can understand this pain.The property is free and clear and seems like the perfect opportunity for owner financing. 

@Shashank R. to be clear the 255k figure was part of my original pre-rehab appraisal.

I’m looking to do a cash-out refi for a single family in Clayton that I own free and clear.