I could also see 15% corp tax and the whole no tax on tips thing.

Note I strive to minimize cash flow because it gets taxed versus other RE return are easy to defer or avoid the taxes.  

Conversely, if new houses are being built frequently, older properties may struggle to maintain their value.Property taxes also play a significant role.

 - prop 13 basically fixes the property tax.  

Finally, check with the Town to make sure there are no municipal liens, Make sure they're on Town sewer, check with the tax assessor to see how many bedrooms the tax office thinks there are, (important if you are flipping) buy ok to have more bedrooms if you are planning to buy and hold.  

If she gifts the home to you, you inherit he cost basis and owe all the taxes.

This in a neighborhood that is slowly appreciating, some renovated homes mixed in with older homes, but is street by street:Purchase price: $130,00001% rule: meets about 0.88% Down payment 20% and closing costs: $29,493Rate: 6.99% conventional 30 yearMonthly payment PITI: $1009 (was $859 until property taxes increased recently) Current rent $1200 (increased from $1150)Property management fee 10%: $120 (was $115) Net cash flow (if no repairs called in): $71 (was $176)Net rental income most months: $170 (first month rent), $935, $922, $1035 (full month rent minus PM fee) $567, $760, $307, $963, $1035 (full month ), $535, $925, $1035 (full month but now property taxes increased), $585.

@Helena Goyvaerts it will be tough without 2+ years of USA tax returns showing you are profitable.Higher interest rates have negatively affected most lenders and many of them are getting more aggressive with offering more flexible programs. 

You might even want to setup a C-Corp (for tax and liability reasons as well) to manage the business with the guests and pay rent to your LLC. 

In addition cash flow is taxed annually.