Our immediate and extended family has owned investment properties in CA (San Diego, etc.) and other locations for 50+ years, but when I look at the numbers for friends, etc., who want to get into the game now, it really concerns me.
There are lots of good suggestions here, and to add my two cents, I’d suggest talking to someone you trust who is a pro, to get their take on your various options, and have them pencil things out for you.
I’d also be very, very careful–whatever you decide to do. Don’t jump into anything unless you are sure it will work for you long-term.
