We have Hospitable setup to automatically send messages to our cleaners for new bookings, cancellations, and alterations. 

Sorry Katie, nothing personal, I'm sure you're a wonderful person in real life, but by tying up this sellers property for 90 days with no buyer and no plan to legally sell the property for them, you could end up putting the seller in a worse position than they'd be in without your involvement.

Don't make your life more complicated than it has to be.

@Sean KirkThere are turnkey REI opportunities in different markets - markets in the Midwest and Southeast of the country are great - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

Not so much life-threatening, but rent threatening.

But you also mention "Compare being able to write off the $370,000 today versus having to depreciate it over the life of the asset - 39 years - that’s quite a difference!"

Don't make your life more complicated than it has to be.

For instance; depending on the price range of the unit, people may be buying a place to call home; or they may be buying a sense of security that is economically stabe and affordable; or they may be buying, in the case of a luxury rental, prestige and a sense of accomplishment in life.

I remember my first Airbnb in Denver 11 years ago in my basement studio (different life).

Since you can't escape CA LLC registration, if the property is based here, and if you are a resident here, may make sense just to form a CA LLC and simplify your life and your costs.Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.