Make sure both parties fully understand and agree on:How profits/losses will be split Who is responsible for what (e.g., repairs, management, communication with the seller).Exit strategies in case things don’t go as planned.When you do find the right partner make sure to create a joint venture agreement that outlines all of this clearly.

And would this be considered "capital gains" since it's re-sold under 1-year therefore having to pay a large % of tax on the profit?

In general, I have found everyone seems to recommend the Land Conquest free lessons and the Turning Profit podcasts.

Quote from @Brandon Foster: Hello Ryan,STR is do able in the north county area but there are a lot of rules and regulations.The city of Oceanside right now will not allow anything STR unless it’s west of pacific coast hwy.This is changing a lot too so you need to be aware of that in your plans.Carlsbad is super strict too but there are some condos that are still available to do STR in.Medium term rentals are as safer bet but way less profitable.

Overall, it's been pretty profitable.

That profit will increase over time and improve your return. 

If you are consistent with these action items you will avoid most claims, your business will be more profitable,  operate more efficiently and if a claim were to arise you will have all your ducks in a row. 

STR is a hospitality business first, and a for-profit business second (if you want to succeed).

Quote from @Kody Smith: I am New-ish to Bigger Pockets, and would love to connect with the community here.The idea: move from single family homes into commercial real estate... specifically multi family.The Goal: generate $20k/mo in cash flowI'm currently in silicon valley (san jose)... would love to find something profitable here, but it looks like there are better opportunities elsewhere.I am open to investing in markets across the US.

With property insurers’ profitability and trade combined ratios improving, we can expect some relief soon.