My wife and I purchased our first-ever home in Viera, FL (on the Space Coast) for $430k back in Oct 2022 with 10% down using a 5/1 4.5% ARM.

You want it to be easy for your tenants to use to avoid non-payment or technological issues on their end, too.

There are plenty of cash-flowing markets here - especially in the STR space.

@Will Gaston I have to say this is one of the best threads on student rentals and I always try to send people to it when they ask about this space.  

I'm curious if you have considered approaching local non profits that might want a private partner.

If the lease is ending be sure you have given the proper notice of non-renewal of the lease.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Understanding their cash flow is critical.I especially like your idea of communication clauses—non-responsiveness is a huge red flag, and setting expectations upfront can save a lot of headaches later.

This will help limit your liability on the non-homestead property without affecting your exemptions.3.

Of course, it would need to be non-owner occupied (investment property).