Not sure how close you are in terms of proximity to the university but my Dad bought property near a university for over 30 years and eventually a developer came in and bought everyone out and added luxury student housing and shopping with a huge payday for all the owners who had bought many years before.

Subject to the existing mortgage of 170k @4% originated on 1/1/2022 plus catching up 20k of arrears/escrow/legal fees and then eventually Airbnb Furniture and holding costs of another 15k from private money.

But eventually you'll get there.

We do not NEED to do the refi but the plan is to eventually do it and remove the other person from the loan.

My goal is to eventually get to a higher cash flow in the years to come and simultaneously build equity in the property.  

Typically properties will mold and excessive damages will go under contract a time or 2 and eventually will come back on the market after the buyer's appraiser determines it does not meet FHA standardsCurrently, I am not seeing bids accepted under 86-88% following the Asset Manager change in the last 45 days or so. 

Most businesses start factoring in CC transaction costs into their sales prices, so eventually this comes back as a pass-through cost to customers.

Sure, many investments will be residential buildings or multi-families where there will be no change of use after the purchase, but many investors will eventually get involved in bigger commercial acquisitions.

But then I wonder if I find a property out of state and form an LLC then I could eventually get away from Ca state tax (more of a cpa question). 

I would like to eventually go PRO but I was banned only a few days after starting to use the site.