I understand building in additional income, but I think you are doing a long term dis-service to yourself in that respect.  

I can understand that decision even if history indicates that San Diego will be the better investment (past performance does not necessarily indicate future performance).The verifiable facts are that San Diego has been a very good long term buy n hold locale (especially for financed buy n hold) and that there are indicators indicating it will continue to be a good long term buy n hold locale.

@Lane Kawaoka I understand the competition side, but as a beginner I don't believe going over 25 units will be wise.

Understand that by doing that, the city may require additional repairs to the structure if they see anything out of code. 

. - I can understand the NDA but the non-compete agreement is odd.

I understand that unpleasant truths about getting into real estate.

I understand there are typically clauses providing coverage to buyers during catastrophic events (forces of nature), but was interested in hearing how it has or would play out.We're currently set to close on a sale on September 19th in Niceville and pick up another property on the 11th of October in Pensacola; with Irma and José on their way, we're anxious about how it will impact the deals (either positively or negatively).

From what I understand, liens don't mean you can't sell the house, it means the lien holder get's paid part of the proceeds to cover the lien.

Justin, You need to understand if you feel comfortable with it, then go for it, but if you don't then it'll give you nothing but problems and grief. 

You will see they are investing in the strongest markets, have great broker networks / access to deals which is critical in a highly competitive market, can raise significant capital to take advantage of scale, more disciplined / conservative underwriting models, have simple well thought out business plans to increase the properties value, using fixed rate 10yr loans to take advantage of still incredibly low rates historically speaking and use more sophisticated tool sets to help understand how fluctuations in occupancy, rents, etc may impact their models.