During this renovation period would you, as the lender, want an Actual Cash Value or Full Repair Cost policy in place?

Apartments are the least ideal living situation for us, so what if we got stuck in a multifamily property we intended to just be in for a short time.

Purchase price: $530,000 Cash invested: $100,000 My journey into short-term rentals began after years of investing in long-term properties, but it was a podcast that opened my eyes to the incredible potential returns of STRs.

If it's short term, CD's are probably still the best. 

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

With this in mind, if you intend to leverage short-term debt (hard money), it's even more vital that your underwriting is thorough and that you have the correct systems in place to tackle potential issues.

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. 

I also suggest you post your listing to "Short Term Rental Listing Advice" on Facebook and let them give you more feedback as well.  

It is not walking distance to much but a short drive to a lot and generally a touristy area. 

I would've rather have waited a year or 3, to buy something at a steep discount and I would've seen appreciation a short time later.