Take into consideration that when the person you gifted the property to will have special tax considerations as well 

I would imagine Long Beach is complicated to get into the STR game but I don't personally invest there so not sure.

We've not met in person yet, but know each other.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Due to the current interest rates, you probably can't live for free, but you can definitely learn how to house hack in that first year, reduced your personal housing costs, learn the rent by room/co-living strategy on-site, and then probably break-even after move out, but most importantly, it is possible to make that work in 2025 with today's rates.It just takes being open-minded and willing to be flexible for the 1st year.  

I want to exit as I don't get any personal use from the STR being 20 mins from home and would rather apply the capital to another opportunity in multifamily (LTR) or another STR in Hawaii where my brother is a broker and now manages STRs.

I personally don't mind cooking on electric but I will say that cooking on propane is different than what most people know which is natural gas.

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

Therefore, it is advisable for the client to consult with their CPA to receive personalized guidance tailored to their unique financial situation.

This is advantageous bc later you have a third party loan (not your personal money) so seasoning period is 90 days to DSCR out.