In my mind a condo will provide me:-CAPEX is controlled by HOA (I only have to pay, not dedicate time)-Low down payment-Cheap financing paymentI plan to live there for 3-5 years and after could expect a NIAF around ($200). 

(Ask me how I know this.)You'll be priced out of virtually any quality market as you'll need to put anywhere from 25-40% down if you'd like to cash flow in a deal you don't have to significantly rehab (or found off-market) with interest rates where they're at (and don't expect them to go down to 4% anytime this decade either--a 3-4% interest rate is historically low and investors in the 2010s were lucky and spoiled). 

If you’re a California resident, the state will still expect you to pay its annual franchise tax for your LLC, even if the LLC holds properties out of state.

If one is not accustomed to working with contractors, then your expectations are probably unrealistic.

Quote from @Bruce Lynn: Everyone wants to buy a foreclosure until they get to see inside the property.Look at what this guy won at the tax foreclosure option.https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...It's not always pretty, profitable, and fast flipping like they show on TV and YouTube. i can say this is "way" better than expected.....there're few listed in MLS worse than this.

I'll be able to access my roth IRA in 3 yrs when I turn 59.5yo and I expect it'll be over $500k at that time. 

I agree local institutions are a good starting point for financing needs like this, but I'd expect the bankers will be unfamiliar with the STR opportunities in the market.

The upgrades that HAVE to be made for rentability vs. those that will hopefully increase rental income can definitely influence the response.What are people's expectations?

However, my income is inconsistent, with last month’s earnings around $4,000, this month expected to be about $3,000, and an average of roughly $2,000 per month.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!