Spending time really understanding underwriting, market fundamentals, and operations before deploying capital is never wasted time, especially if your focus is long-term wealth rather than chasing quick cash flow.Being flexible on geography is also a big advantage, particularly coming from the Bay Area.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Having invested in a different but similar geography, agree with your list of things to look for for good fundamentals for less sexy but solid returns.  

I still my day to day businesses here, and would rather any real estate investments diversify the geography a bit.

If your CPA is blanket-denying eligibility based on geography, that’s usually a sign they’re conservative or not STR-savvy.

As the landscape shifts again in 2026, the winners will not be those who move fastest,but those who move with the most clarity.Key themes to carry forward: Focus on investor-backed NPLs with real equity and enforceability Price for timeline uncertainty, especially in judicial states Avoid expansion into unfamiliar assets or geographies Reinforce capital relationships based on trust and consistencyThe market does not reward hope.

All adjusted based on geography, specialty, location etc. 

I hear you, and I agree with the core idea, real value shouldn’t be cheap.One important piece of context, though, is geography and currency.

People travel the world to experience something that sits in our backyard.Our geography alone is something to appreciate.

REP is about hours, control, and documentation, not geography.