We are in the last month of 2024 and usually in December and around January through March properties tend to pop up faster. 

JayAs usual I agree with you.

Otherwise, they have to eat the extra expense just like homeowners do.I would talk to an attorney and your insurance company.

Think about all the extra time trouble and cost it takes to turn an ordinary house into a vacation rental...just my two cents though...

When investing with them you get almost no tax benefits and usually get crappy management. 

One effective strategy to maximize unit potential is to explore opportunities for adding extra units, especially in C-Class properties.

My only caution is STR managers are usually 20-25%, 15% may not be a great manager. 

Usually living in it for a few years may be enough for it to cash flow positive when you move out.  

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

In Oceanside, New non-hosted STRs are prohibited outside of the Coastal Zone as of February 10, 2024.Most HOA's do not allow rentals less than 30 days so that is likely not an option unless you find a couple of places on the water that allow it but usually tough to find below $1M.