I only have LTRs so I can't give you much advice on STR, but here's some general advice on getting a first investment property that I wish I knew:
- Look in places where it's easier to rent, even if it costs a bit more. I have two homes in one city. One is in more of a suburban area and one in a more urban area of the city. The urban one rents more quickly and has a larger pool of qualified renters. The biggest cost isn't repairs, it's vacancies.
- I'd suggest not to go negative in cash flow. Start at even at least. You don't want to have to pay out of pocket each month when you only have 1 investment property.
- Consider paying a bit more for newer and nicer at first, it's easier to manage
- Managing your own property for LTR isn't that hard if it's within driving distance. For you, that could mean Las Vegas where values are dropping (depending on your goals)
- I'd suggest not buying your first investment in CA. It's a pretty tenant-friendly state. Not to say that it's bad to invest in CA - returns in CA can be really good but you have to be ready for the headaches. CA property never goes down over the long term so it might be good for a 2nd, 3rd, or 4th investment.
- If you can move out of your current home into a new one, that's a great way to build a portfolio - by leaving a trail of homes.
- Establish a conservative reserve fund at first. I would keep $10k in reserve for properties until I have accumulated enough to pool the reserve funds.
- I don't think you need an LLC at first for one or two investments. Buy insurance instead.
I own rentals in CA (Torrance), Tucson, and Louisville.
