Welcome to the group and congrats on the condo purchase. 

No need to invest out of state, when you are in one of the best places in the world to invest in real estate. 

I don't live in CA, and wasn't aware of the Prop 13 passing to the next owner if it's parent to child and both live in it as their primary.

I was considering taking out a $240K HELOC with a 10-year draw period and pulling $160K from it to build the next rental property.

It would be considered to be the safest end of the spectrum.  

. - Thought you might want to check out my response to this original post too. 

Overall, your next actional step should be attending local REI meet-ups.

For an SBA hotel loan, the SBA may guarantee say 30% of the loan and a traditional bank takes the next 50%...total LTV/LTC of 80%...will vary by business but it's higher/better than the previous replies (otherwise, you would just get a traditional commercial loan without the SBA involved). 

The market is going to go up in the next 5 years.

I then sent 6 emails over the next 10 days that were not responded to until the last one on 2/29/24, and was told it didn't go out in the prior week, and that your DoC was "hoping it would go out in this week's batch" (3/1/24).