:Here is info on CA for you Tenant's Right to Break a Rental Lease in California | NoloFrom what I understand (and this may be incorrect), while there is no law that says you cannot have a lease break fee, the law does say that you can only recover your losses. 

Yes, it will recover over time, but not great if you are looking to invest short term.

I think vacation rental homes are going to keep having demand, but there is some risk as hotels recover or if we dive into recession.

I think 6 weeks will be the sweet spot, that I can recover and refresh, and will also allow me to get to know my new city and make some connections- That vacation will NOT be funded by my profits, but rather from savings already set aside for that purpose- If I don't take an extended break, It probably wouldn't be wise to pay off my car either, and I can apply that extra 20K to my next deal and use it to generate more profit.

Second, you must know the ARV of the property before you purchase it, to determine that the refinance will recover most if not all of your investment.Using a HELOC to finance the down money to buy turnkey properties, will require patience and a keen evaluation of the market in order to get sufficient appreciation in a few years to allow you to pay off the HELOC and refinance the purchase loan. 

Perhaps to update the unit will require thousands of dollars out of pocket and it will take a few years to recover that investment from the higher rent value created.

The added payments also add to your cost (your cost is ONLY what cash you spend on the property), of which you have to recover before you start to make a profit. 

Whether they actually recover anything is another matter.

Not upgrades....if you want to recover those costs. 

They happen after your costs are recovered.