While, a reservation on Furnished Finder or Airbnb, for example, might be a bit more straightforward. 

General rule of thumb, higher the CAP RATE, higher the risk.

I’d also be looking at property management (likely long term PM, although not ruling out short term PM).  

I can't speak to the BP rules and how they are enforced and things like that, I was actually pretty surprised they banned him.

My rule is that whenever I try a new business, give it at least 12 months.

These loans often have more straightforward qualification requirements for investors with multiple properties but may have slightly higher rates.Cash-Out Refinance on Your Single-Family Rentals: If each has around $70k in equity, a cash-out refinance could provide some capital for the down payment, renovation costs, or even help you buy the 4-plex outright.FHA 203(k) or Conventional rehab loan: If you’re planning to occupy one of the units as a primary, FHA’s 203(k) loan or a conventional renovation loan could help with purchase and rehab costs at lower interest ratesPortfolio Loan: Some local banks may offer portfolio loans for investors with multiple properties.

@Will QuinnI live in the Tahoe basin, and different areas have different rules.

The rule I plan to enact is paying myself 10% of the revenue generated from wholesaling quarterly.

And the rules are quite relaxed. 

And I think I've ruled out my original option #1, which was to sink all the proceeds from sale of my current house into next primary residence in Southern California.