The STR deal could be the best option if I understand your situation correctly, except I would probably do this as a cash-out refi and just use the combination of booking history + AirDNA projected income to qualify (if not operated as a STR for a year).

We operate nationally and I work with my clients in DWF out to Tyler and a bit in Houston.

At the end of the day though, you still couldn't operate a car well by just reading about it.

I am no expert (hence posting here) but the bit that I have read seems to indicate that if the business is located in CA and operating in CA (as is the case since the property is in CA), the business is likely to fall under CA laws in the event of an issue. 

Regulation has slowed the market and made it harder to be an operator.I've never operated my Airbnb to its maximum efficiency because of the time it takes. 

Maybe syndications but some of them aren't doing well and if they don't know how to vet the operator, seems very risky. 

Partner with a friend to protect both interests, create an Operating Agreement, and focus on saving and preparing for the down payment and reserves.

However, I recommend buying first and running a fully operational short-term rental business first or passing it to a PM company.

It simply states that 50% of the annual income will be taken up by operating expenses.

which entity claimed the operating deductions and which entity claimed the depreciation?