Realistic income estimates for STR

[Sweta Jain]

We are debating between and LTR and STR in orange county CA. I noticed that rents for LTR are pretty high but still will not be enough for positive cash flow. STR looks like an attractive option but I am a novice in this area so looking for input on realistic income and cost estimates of a STR managed by a 3rd party property management company.

I am guessing there will be higher maintainence and property management costs for STR than LTR but by how much? Also does it impact mortgage rate and insurance also? What are the city permits needed ? What are the other hidden costs?