I am 52 and my partner is 56. We are looking to retire in about 8 years. We currently both have great jobs which allows us to bank about $75,000-$100,000 a year towards retirement. We would like to retire to Southern California, specifically the Palm Springs area. We are wondering if would be smart to buy a place now (for about $350,000) and rent it out until we are ready to retire? Assuming we could cover our monthly expenses, and hopefully take advantage of the real estate downturn in prices, or are we better off just investing the money in stocks and bonds? Any suggestions?
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