What you’re really wrestling with isn’t in-state vs out-of-state, it’s risk stacking.A few important observations first:• You already own a primary with a low payment• You’ve successfully house hacked before• You’ve used creative financing• You only have about $25k in reservesThat last point matters more than geography.On buying another primary in CaliforniaMoving into a new FHA primary with a $4,000+ payment just to turn your current home into a rental is not an investing move, it’s a lifestyle gamble.Even if the rent offsets part of it:• You’re dramatically increasing fixed expenses• You’re introducing PMI + higher rate risk• One vacancy or repair puts you under pressureThat path trades stability for leverage, and leverage is unforgiving when margins are thin.On out-of-state investingThe horror stories you’re reading are real, but they happen for specific reasons:• Underfunded reserves• No local team• Buying “cash flow on paper” deals• Trying to self-manage remotely• First deal being too complexOut-of-state itself isn’t the problem.

Investing “gurus” sell the dream of “leave your W2 in 3 years via real estate investing”.In my experience, it doesn’t work that way - maybe 7 years maybe 10 years…….and even that takes hard work, less current lifestyle spending, discipline, and some good fortune with the market.Let me pose a hypothetical:Let’s assume high income is $250,000 a year.And that’s what one needs to replace to leave a job one hates.How much capital (equity) does one need to have invested to produce $250,000 a year?

Then consider what it takes to enjoy that lifestyle.

It’s a genuine lifestyle shift.People want nature fresh air and experiences that feel grounding.

If lifestyle, and wanting to use VA funding are main, then staying put,house hacking, and investing locally makes more sense.

If you want a lifestyle asset that can pay for itself then you may want to look into Sean Moore with Vodessy. 

Not sure I was better than anyone but the "war zone " property that everyone tells you to stay from served me well for 40 years, put two kids through through college and gave me a comfortable lifestyle.   

A 7–10 year path to FI is realistic if you stay aggressive on savings and conservative on underwriting.Where people blow their timeline is:• buying for appreciation instead of cash flow• underestimating repairs• not systemizing operations• lifestyle creepIf you buy cash-flowing properties, maintain a solid cushion, and reinvest instead of upgrading your lifestyle, your timeline works.5.

@Henry Clark interesting advice...so long as he doesn't expect to meet a 'significant other' living that lifestyle!  

If I had to choose, I’d lean toward appreciation and long-term stability over maximum cash flow, but ideally I’d find a combination of both.For lifestyle reasons, I’d love to be as close to Scottsdale as possible.