I also believe many of the people will not have 2nd homes   For example Altadena has slightly high, for coastal CA, RE prices but household income is near the median for CA.  

LTV & CreditEliminate the emotion and treat this like the business it is.In my opinion it does not matter who the borrower is as long as they have a track record of ATR (Credit)And I feel comfortable with the leverage (LTV)

Lots of investors simply want to go "bold" on all of their projects by using sharp color contrasts, busy tiles that catch your attention, and modern lighting that looks like it belongs in a hotel.

I’ve worked with several first-time investors, including out-of-state buyers like yourself, and it’s 100% possible to build a successful short-term rental (STR) business even when you’re managing remotely.

They all went out of business , the good ones don’t want to manage small properties . 

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Easy sign up for a sole proprietor.I think new flippers are consumers & don't understand a business mindset.

Is your goal to use being an agent for your own personal investments or actively try and grow your agent business to eventually leave your W2?

- If the 5% do say they'll sell a must in this business they have to also agree to MOVE OUT PRIOR TO YOUR CLOSING DATE. 

What's a good IRR for this multi unit retail business?