Hey, I can get you into another house with $50k, get you an other asset, more cashflow, and turn and burn. 

From my perspective, the greater risk is that you are not aggressive enough in seeking returns, make tiny returns for a decade or two, and are way far behind when you're kids are getting ready to go to college and you're burning out at your job.

We could wait and rent longer but we will be burning money and not saving much.

I would just hate for you to get burned on the first couple.

Its easy to get burned out from a poorly executed campaign.

I'm sure there are deals in those areas, but most properties will never cash flow because the sales prices are far too high.The regulations in California are arguably the most difficult to navigate in the entire country and it's easier to get burned by a bad tenant and lose your shorts.

@Thomas Burns: Hey Thomas,Although the barrier to entry in Long Island is very high (due to the high price of EVERYTHING), there are still deals to be found in both Nassau and Suffolk. 

In fact, I see Landlords keep rents low and even give free rent for a month at Christmas time only to be burned by their tenants.

Never actually hire the legal team you only burn money.

Telling someone they can keep a six-figure check and walk away from a burned house can be pretty enticing.