Quote from @Frank Pyle: Yeah for small multifamily, ARV is basically stabilized NOI divided by a cap rate, but the cap rate is the whole game and it rarely comes from perfect 8 unit comps in the same few blocks.Most appraisers I see will triangulate it using any recent sales they can support, even if that means 4 to 6 units, 10 to 20 units, nearby neighborhoods, and older sales adjusted for market movement.

I basically started off doing this on my own.

I want to ask them basic questions like what experience they have managing rentals personally, how many doors their company manages, how long they have been in business, and what they feel their company’s strengths are.

You are at a point where working with a knowledgeable CPA can be helpful beyond basic filing.

The value for us was basically paying 3k/month for a project manager, which we built into our reno costs and fit our model.  

Focus on basic houses that only need visible cosmetic work and are easy to resell.

I basically gave them short notice that they were fired.  

The massive tech investment from companies like Intel, Amazon, and Google is basically turning it into the Silicon Heartland.

This is very basic knowledge, even among people who don’t invest in California.

Investing in real estate is hardly passive, and that's probably the most foundational principle to remember to be successful.