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

Understanding the requirements will streamline the inspection process and make it easier when the time comes.Remember to keep organized records of all communications and documents related to the program.

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. 

Much like there's "organic" produce and "certified organic."

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. 

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

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

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.