@Jackson Pudlo you'll have a better chance of success managing a unit right next door and learn a lot.Versus...Buying a rental in a few years that not near you.One of the biggest mistakes newbie investors make is not paying enough attention to their rentals because they are too busy with family & work.You really won't be able to ignore a rental next door to you!

How many small banks and businesses went bankrupt and closed?

At that point, you’re building a business plan—something you can take to the bank.

Am I giving myself another job/business?

The issue is you cannot force insurance companies to do business in the state.

Which would be more effective for pitching my Airbnb arbitrage business?

And don't forget, states don't have 4-profit business to create wealth, no money-tree out in a yard to shake, states $ is from THE PEOPLE, so that $50 Billion is all Californians paying for it.  

Quote from @Sergio P Ramos: Update:I've been really busy since my last interaction.

We are both 28 years old with zero experience prior to getting involved, she works for the business now and I work Blue Collar in the trades. 

While technically business purpose loans, these will still basically be 30yr (or whatever tenor) fixed rate mortgages.