Fix & Flip, Bridge and Transactional Funding for wholesalers.The second bucket I am a correspondent lender for a secondary market investor. 

Because, long term standard of living and, well, math.

Do the math.. 

Just do the math (which you seem to be good at now!).

I do a quick math 55/45  60/40  Income/expenses pending on how old and how many units the property has..   

If your math is correct and ARV is $200k, you have a strong first property in your portfolio. $5,040 annual NOI with $50,000 invested is a nice return.

For most of us here, we're concerned about being note holders, debt buyers, or buying and selling on the secondary market.

San Diego's cash flow is slower to be realized, but for long term holds will out produce the cheaper markets (it is simple math that the higher appreciating rent with both areas experiencing similar other cost increases will always eventually produce the better cash flow).If you want a local rental property, you could consider a house hack option. 

I was just talking to lender who said they offer a loan for primary residences and secondary homes that requires no income or employment verification.

Easy math, if buy some high-end properties, ARV is 600~700k in some area using 10% second home loan, after one year, if ARV is 10% higher, if I can refinance 80% cash out, which means 1.1*0.8 = 0.88 ARV, almost close to 0.9 ARV, which mean I get no money out, but use 20% loan now, and can use 10% second home loan again?