Also, I can appreciate the fact that you and your wife were patient by lining up the HELOC and pull the trigger when the right deal came along. 

@Kirbi CampbellCovid vaccine: let someone poke me with a needle after patiently waiting my turn.

Quote from @Jonthan Kiser: Quote from @Alan Asriants: time in the market always beats timing the marketbuy in a solid area, focus on appreciation and solid tenant base that will take care of your proeprtyCash flow is near impossible to find.You will make your money 10 years down the line, when property appreciated, rent increased, and possibly rates went down True, IF you are patient and spend the time to master your local market.  

Be patient, be smart, keep saving is my best advice.

I don't think there is anything to lose by being patient.   

I've definitely made more money in appreciation in Los Angeles compared to out of state cash flow, however, you do have to be patient for 3-4 years to reap the rewards of the appreciation.A majority of my recommendations to investors here in the Los Angeles are if you want immediate cash flow then invest out of state if you want appreciation then invest in Southern California. 

. ** I recognize it might betough to find 4 properties that are actually worth investing in attoday's prices, but let's assume we can find them (or be patient enoughfor opportunities to materialize).Option B - Buy one larger multifamily (e.g. 12 units) for $3 million (with ~$1 million down payment).My questions are:1) Is one option clearly better than the other?

You will save much more than the 6% fee if you know how to value property and are patient. 

There are several good companies and several really good cities to invest in, but you have to be patient.  

You need to be patient with direct mail, it's a long-term strategy.