Please help me evaluate a unique house hack

[Chris Stuehser]

Greetings! I'm a recent graduate and am FINALLY looking to start purchasing property. I'd love help analyzing a deal. Any insight would be greatly appreciated. 

I am currently evaluating a very unique property. 4,100 square feet divided into 4 units. The primary living area is approximately 2300', an attached mother-in-law is around 700', and two apartments with separate entrances are about 550' each. I would live in the 2,300' 3 bed 2 bath portion, and rent the 2 apartments, and possibly the mother-in-law. The property sits in a semirural area in California on a hillside next to a waterfall and has some very exceptional views for the area. 

I believe I could purchase the property for around $500k, and feel I could generate $1500/month minimum from the two rental units alone, and potentially $2500+/month if I chose to use the mother-in-law as a vacation rental or long term rental. 

Being a recent grad, I would only be able to bring a 5% down payment, and would finance the rest. My monthly payment would likely be around $2,900.

The property will likely need $150-200k in remodeling, which I would pay for out of pocket, and my father is an excellent general contractor and would handle the whole job.

My biggest concerns are the size of the mortgage, having renters in close proximity with my young family, uncertainty regarding property values long term, and landlording in California. What do you think?