We live in SoCal now and find it difficult to find anything here that pencils out.  

Ok, since we source the vast majority of our capital from banks, let's test your theory:• Speed when opportunities arise - agreed that hard money / private lending has an absolute  advantage here• Creative financing solutions - our construction loans from the bank are pretty darn good;  "creative" strategies always seem to be more risky than a bank loan;  this one is borderline • Consistent access to capital - if you have a debt cap with a bank, no issue• A partner that understands your strategy - the bank VPs we work with understand our strategy as well as anyoneNow let's add a few line items:No points - bank winsNo last minute delayed or dropped financing at closing - bank winsNo scams - I read about a lending scam on this board routinely - I've never heard of a legit bank scamming money on a loan (although charging excessive fees, sure) - bank winsWould I borrow from a hard money lender? 

If it's being valued using comps (since they are 1-4 units) and not using NOI and cap rate like commercial properties, the return might not be there at the exit. 

So when the market is happy to pay a 5 cap for quality, it's a fools errand to expect 12 caps to just sprawl themselves out for you.

If I buy turnkey properties in my market of Omaha, Nebraska, I am looking at breakeven cash flow after all expenses and cap ex are factored in.

For a flip, I’ll look at:• Recent renovated comps that actually closed (not just asking prices)• Days on market and price reductions• Whether I could refinance and hold if resale demand softens For a buy-and-hold, I’ll ask:• What cap rate would this trade at if I had to sell in 3–5 years?

But cap ex will wipe out any profits it’s seems. lol.

Find out whether the building is investor friendly, whether rentals are capped, and if there are short-term rental restrictions.

The market's stable, rents are climbing, and cap rates are reasonable.

The reason it’s still difficult for many people to invest in flips or rentals is that the current dynamic has changed ever since Covid.