@William Bohan, Yeah, being a CA resident you'll have to do a 1031 exchange or your tax will approach 40%. 

Based on the tenor of your posts, I've got to ask - do you have your primary residence squared away?

Investment Info:Single-family residence buy & hold investment.

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

If it’s in an LLCs name it s protected if maintained correctly.  

Those pictures protected us when the guest contested the charges.

A shopping mecca five times bigger than Lakeline Mall, a 21st century mega-factory, an ever-growing Apple campus and a somewhat secret but sizable spot occupied by Tesla.With a population increase from 2020 to 2023 of 14.5%, Williamson County is clocking more new residents than all other counties in this fast-growing region.

I would have thought San Francisco is oversaturated with STRs, but that's what several people are doing, buying primary residence and house-hacking a separate unit on AirBnb.

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets. 

Take the $250,000 primary residence exclusion every two years .