Additionally, you are not limited to only three choices. 

Why would you even want to go back to what I presume is a limited number of mutual funds?

This news article shows they are losing money on each flip, and based on the above metrics that seems to be the case. https://wolfstreet.com/2019/05/10/house-flipper-zillow-lost-109k-35-per-flip-net-loss-triples-shares-soar/Now they say they are shifting gears and slowing expansion.https://www.kmov.com/zillow-is-losing-millions-on-selling-homes-ceo-isn-t/article_3c33debd-fb28-53e3-b95a-23b8f679fcef.htmlSomeone is going to win Zillow or the Market - We shall see....Why Steve Eisman, Famed for Betting Against Sub-Prime Mortgages, Is Betting Against Zillowhttps://timandjulieharris.com/2019/08/29/why-steve-eisman-famed-for-betting-against-sub-prime-mortgages-is-betting-against-zillow.html

I like better rewards on shorter timeline, that said, i believe your best bet is outskirts in LA, a 2-3 hr drive to buy something and rent them off.

If you have a small amount of work to do, you can apply for a 203(k) streamlined loan, which limits your rehab to $35K (less in actuality due to fees). 

This neighborhood, Oliver,  I believe to be a good long term bet. i have sold a number of properties along Bond, Caroline and Broadway streets. to people for rehab.

Buying the single family home in a nice area is probably a safer bet. 

You'll actually get your best pricing and experience with a national company rather than an attorney with no economies of scale and limited experience. 

Holding for appreciation is fine as long as there was no or very limited personal use by you to muddy the water. 

My challenge is limited time with the demands of medical school and family.