I've done some google searches and found a few decent articles as well as a Report from a law practice on how to structure it and has a lot more supportive info which should help.

If not, then you have to rely on appreciation, and the high desert towns don't tend to experience the high appreciation like the bigger cities of California.I wrote this article awhile ago about Palmdale.

Adoption of Regulations [65850 - 65863.13] ( Article 2 added by Stats. 1965, Ch. 1880. ) 65852.22.

I have done some Google research and articles point out concern for not being able to see the decking and determine if there are issues and fix them. 

Obviously there will be other items that come up but it's a good outline to start.AddressPurchase PriceDown Payment (20% if HM)Loan AmountRehab Cost Est Interest Rate# Holding Months Homeowner's Insurance PolicyOrigination FeeDocument FeeHOA Fee if applicableProperty TaxesTitle - Lender Title InsuranceTitle - Owner's Title InsuranceTitle - Binder Fee - Buy SideTitle - Binder Fee - Sell SideTitle Messenger FeesRecording Grant Deed - Buy SideRecording Trust Deed - Buy SideRecording Fee - Sell SideStatement Fee - Sell SideEscrow Fee - Buy SideEscrow Fee - Sell SideSub Escrow Fee - Buy SideSub Escrow Fee - Sell SideLoan Doc Signing ServiceMonthly Int Only PaymentNHD Report $99Utilities (Electric, water etc)Owner's Title InsuranceTransfer Tax - Sell SideHOA Docs Order if applicableHome Warranty $500Agent Commissions (4-5% of sale price)Wire Fee $25 per wireFiled Articles of Incorp for LLC (if creating a new LLC)ARV #Minus Down Payment Back (20% if HM)Minus Rehab CostMinus Holding Costs, HM FeesMinus Realtor Commissions (4-5%)Net Profit

I've been listening to the podcasts and reading the articles...now I'm ready to act.

I read it so good..... any one of you reading this kind of article and feeling good ?

My criteria are:  An area I want to enjoy with my familyNo pending or or existing STR restrictions or legislation in processPotential occupancy rates > 150 days per year Net cash flow between -5k to $5k per yearFamily friendly destinations, non Bachelor party destinations I wrote a BP blog article also that touches on some of this as well that you might find interesting.  

I think Airdna just released an article on best areas.As Michael and Chai said.

This article from ADP goes into slightly more detail: https://www.adp.com/resources/articles-and-insights/articles....