Ultimately the more value you can add to the transaction the more favorable of terms you can negotiate in a partnership.  

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

I'd love to get one in Southern California, but I have learned that that might not be a good choice with the high cost of properties in Cali. 

It's making me want to be very cautious on my expenses & ultimately not want to put forth the usual effort as my work is not being fully appreciated.  

However, I recently stumbled upon an intriguing concept called PadSplit that allows you to leverage the multifamily concept within a single-family property, ultimately maximizing income potential.

Ultimately think long term and think about what you want to get out of this. 

Hi Erin, I work for a property management company in Milwaukee, Wi, and here are some thoughts to consider: Vacation rentals- Pros: Higher Income Potential due to tourists, Flexibility, Shorter Tenant CommitmentCons: Inconsistent Income depending on demand and time of year, More Management Required, Wear and Tear because of constant turnoverLong-term rentals- Pros: Stable Income, Lower Management Effort, Predictable Expenses, Less Wear and TearCons: Long-term commitment (this can be pro or con depending on the tenant), Market Dependence The choice between vacation rentals and long-term rentals largely depends on your financial goals, management capacity, and the property’s location.

In order to get out of Freddie Mac's "Limited Multifamily Experience Sponsor" category, you must have ultimate ownership & control of either (i) 3 multifamily properties [1 of which you've owned for at least 2 years], or (ii) 1 multifamily property which you've owned for at least 5 years. 

What do you guys see out there, and is MF a good choice in this market?

It is a personal choice.