One idea is to make your next property your new primary residence that way, you could potentially get a better interest rate and keep your current home as a rental.Also, a big advantage of real estate is its tax efficiency.

Make sure to check you local zoning to ensure you can even build an ADU though. 

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

I would ensure receiving mail is not going to be a cluster as well as shared yard/spaces are addressed.

Then you can likely complete the renovations quickly, efficiently and on budget.

My thought was that it would be best if she does the primary STR work and log her hours and ensure that she spends more time on the STR than I do (at least officially logged hours... since I will most likely always be thinking about the STR... haha). 

Let’s share experiences and insights to ensure we’re all getting the best possible deals on our projects.

Look for properties with a solid cash flow to ensure your investments are self-sustaining.Final ThoughtsUltimately, your decision may come down to your risk tolerance and management preferences.

But, of course, you must do due diligence to ensure the market will not recover in the short to medium term.What are the signs of a weak or stagnated market?

With that being said, most of the people in my immediate network who are in the construction business say the most valuable skill is just being able to run a team and a job efficiently and if they could start over they would go the GC route.