If not, then you have to rely on appreciation, and the high desert towns don't tend to experience the high appreciation like the bigger cities of California.I wrote this article awhile ago about Palmdale.

My criteria are:  An area I want to enjoy with my familyNo pending or or existing STR restrictions or legislation in processPotential occupancy rates > 150 days per year Net cash flow between -5k to $5k per yearFamily friendly destinations, non Bachelor party destinations I wrote a BP blog article also that touches on some of this as well that you might find interesting.  

I also like to "borrow" ideas and look at what amenities are most popular in that area so that I can include those amenities at my property.   

I have done some Google research and articles point out concern for not being able to see the decking and determine if there are issues and fix them. 

What I'd do is Airbnb it the popular months from late spring to early fall and then plan to get a medium-term renter in there for the remaining four months. 

Some will pay to stay waterfront but there are just as many I’m betting that would opt for slightly less expensive digs in a very popular tourist destination. 

I think Airdna just released an article on best areas.As Michael and Chai said.

Obviously there will be other items that come up but it's a good outline to start.AddressPurchase PriceDown Payment (20% if HM)Loan AmountRehab Cost Est Interest Rate# Holding Months Homeowner's Insurance PolicyOrigination FeeDocument FeeHOA Fee if applicableProperty TaxesTitle - Lender Title InsuranceTitle - Owner's Title InsuranceTitle - Binder Fee - Buy SideTitle - Binder Fee - Sell SideTitle Messenger FeesRecording Grant Deed - Buy SideRecording Trust Deed - Buy SideRecording Fee - Sell SideStatement Fee - Sell SideEscrow Fee - Buy SideEscrow Fee - Sell SideSub Escrow Fee - Buy SideSub Escrow Fee - Sell SideLoan Doc Signing ServiceMonthly Int Only PaymentNHD Report $99Utilities (Electric, water etc)Owner's Title InsuranceTransfer Tax - Sell SideHOA Docs Order if applicableHome Warranty $500Agent Commissions (4-5% of sale price)Wire Fee $25 per wireFiled Articles of Incorp for LLC (if creating a new LLC)ARV #Minus Down Payment Back (20% if HM)Minus Rehab CostMinus Holding Costs, HM FeesMinus Realtor Commissions (4-5%)Net Profit

I've been listening to the podcasts and reading the articles...now I'm ready to act.

Business forms usually near downtown or a particular area that's generally centrally located to popular functions and the hub of the city.