I'd love to get one in Southern California, but I have learned that that might not be a good choice with the high cost of properties in Cali. 

Traditionally if you want to hedge against inflation, RE is a great choice.

But, sustainable success in real estate is built on first of all a thorough knowledge of real estate principles, real estate law, and real estate finance.  

Hi Erin, I work for a property management company in Milwaukee, Wi, and here are some thoughts to consider: Vacation rentals- Pros: Higher Income Potential due to tourists, Flexibility, Shorter Tenant CommitmentCons: Inconsistent Income depending on demand and time of year, More Management Required, Wear and Tear because of constant turnoverLong-term rentals- Pros: Stable Income, Lower Management Effort, Predictable Expenses, Less Wear and TearCons: Long-term commitment (this can be pro or con depending on the tenant), Market Dependence The choice between vacation rentals and long-term rentals largely depends on your financial goals, management capacity, and the property’s location.

now that we know this companies name I suspect some of the SC agents will turn this company in and ask how they can do it while others cant/wont.Jay, do you see all of this regulation as cleaning up the swamp of fly by night wannabes  and resulting in greater deal opportunity for those with the capital, knowledge and experience to comply and profit?  

I'm a CPA and husband a financial planner so we're pretty focused and knowledgeable on the financial analysis and planning side. 

Love hearing about your experience, especially with 21+ years in the game—definitely a wealth of knowledge there!

I'm not sure how to articulate it but, basically this bit of knowledge saves me a bunch of time and kind of surprised it hasn't come up in any of the books, articles, or videos I've been learning from.

I'm in disbelief about the lack of knowledge - I'm not an agent. 

As long as you put in the time to learn as much as you can up front and put that knowledge to work by taking action, you'll be just fine!