You needed to have a better system in place to protect you from this situation.Going forward make sure your property manager does a solid job selecting the next tenant.

Do you think being on a major road effects the price?

The SB and AB's that were passed for ADU's were much more effective in creating additional housing, but still just a drop in the bucket for what is needed and the costs to build the ADU's are skyrocketing each month due to labor and materials costs, not to mention material shortages due to supply chain issues which are getting worse, not better (that's across the board for all states, not just CA, but more heavily felt here as Long beach is a HUGE port not currently even close to full operations.)

I recommend selecting a location that best meets the following criteria.Appreciation - The number one criteria in location selection is appreciation.

I would appreciate any tips on using these loans effectively to purchase a property that might want to close quickly. 

So if you are a long term buy and hold and looking for cash flow; the property I would select would be the one that produced the most net operating income.  

Hello BiggerPockets,Do any of you folks use census data like demographics, income, population , education etc in selecting a property or do you think it’s an overkill.Given 2020 census data will be accessible soon curious to see how the community is using it. 

Once you have selected your market you will want to set up an entity to own your properties in such as an LLC.

And if they are charging 6%, they might be taking other fees that bring the effective rate closer to 8 or 10%. 

I recommend selecting a location that best meets the following criteria.Appreciation - The number one criteria in location selection is appreciation.