Please do this first:  contact the local Housing Authority office in your market area and obtain the landlord package.

I’d check the local market to see if there’s a steady demand and compare the potential income with what you're making now to see if it's worth it.

Based on the information that you shared, if you haven’t already done so, I recommend connecting with a local expert.

As I said, check with local banks and credit unions.

Tho, when one really stands out from a typical local norm at a given time in that market, it may help me to gauge the overall truthiness of the seller/syndicator when it comes to their other claims.

As a lender, fostering relationships has been an incredible opportunity to create a healthier local real estate market. 

Quote from @Michael Challenger: I would connect with local people at meetups, that might give you some contacts for private money.

With that in mind, my first idea was to buy a condo or a house in my local area (Palm Springs, CA) and use it as a long term rental. 

SignaturesThis Agreement is binding upon the parties and their successors.Contractor Signature:[Printed Name] [Date]Subcontractor Signature:[Printed Name] [Date]AttachmentsScope of Work document.Project drawings/plans.Proof of insurance and licenses.Payment schedule.Note: This template is for informational purposes only and should be reviewed by a legal professional to ensure compliance with local laws and regulations.

Great idea, but check your local regulations.