You'll need one or raising capital will be hard in today's environment.

@Lewis Tabor , if by "local" you mean USA tenants then yes, Japan is far easier to manage by a long shot - tenants stick around 4-5 years on average, with 15 and 20 year tenancies quite common too - jobs and financial status is alot more stable there, and people marry, have kids and move around far less.I own about 12 properties here myself, and manage several dozens for clients as well.The business environment is also far more straightforward and honest.

The auction environment is hot in So Cal right now, so that would probably not be a good place to get great deal.

Is anyone using SIPS(structural insulated panels) for their new construction projects?

Isn't that they same thing keeping children in a clean and socially accepted environment? 

If an alcoholic has to pass by alcohol everyday eventually the odds are they will go for one sip and be right back at square one again.

Besides, the last thing you want to do is invite your vacationing renters into an environment  that makes them sick.

There are many functions in real estate and note investing that are allowed to be accomplished as an individual investor, dealing in your personal interests while doing the same things in a business environment may require additional licensing.

Paint is one thing, but other than that I'm here to provide a safe living environment, not a personalized interior decorating service.

Liens on abandoned property frequently remain uncollected.By the time a property is abandoned, liens are often already close to the age at which they become unenforceable.This is a labor intensive plan.I believe it will work in the current economic environment, but it is even better suited to a (coming?)