Brian,I think this is a risky investment for a brand new investor.

Welcome - have you gotten any properties/projects under your belt yet or brand new? 

My plan was to "self-perform" a land contract by filling out a purchase and sales agreement for a land contract that specifies I will take over the mortgage payments, get authorized on their mortgage, and be authorized essentially to fix up the property and eventually sell it on the MLS since the land contract will give me that control/equitable interest.

Sort by revenue and check out the listings of all the top performing properties and see what amenities they are providing.

The highest performing short-term rentals have a design eye, their photographs weren't shot by an amateur's iPhone, and they offer more than one extra that others aren't (hot tub, sauna, views...).Create a differntiated Airbnb, and you'll outperform others ... be that first page or second or third.

Keep in mind any premises liability, landlord tenant, contractual dispute with a vendor that performs services in CA will be  resolved in CA if that's where the real estate is owned and operated. 

Persistence and patience.Let's dissect this for a second.Lists work SO poorly that, in order to get a deal, you need to send THOUSANDS of mailers to COMPENSATE for the poor performance to get results.So you do, and you get a result.

If you want to connect with my agent there, she may have some resources for you for different money.Yes it sure is a hot market,  I have confidence I can get a nice out value and yes I do have some good tradespeople on call, but brand new to navigating lenders (do they need to be local?)

The trick….If the owner performs that commercial refi……..

The correct way to measure the overall performance of the investment would be through a Cumulative Return or Compounded Annual Growth Rate (CAGR).