Go where your income to cost of living is the greatest ratio, hands down.A good portion of my borrowers buy out of state and use property management to deal with the properties.If your in college you've gotta increase your ACTIVE income, before you get passive income.

I own a rental in Ohio and would like to increase my investment (purchase another one or maybe two). 

Just kindly tell both sides about the noise issue and if they get tense, mention the clause about noise.

Lease renewals have a strict deadline. if you miss the deadline and fail to request a rent increase, then you will need to wait until the following year. 

I have found that making property improvements does more to increase the rental pool than lowering standards. post a picture of the kitchen.

That means increasingly better cash flow.I expect Detroit prices to 2x in the next 5+ years given what's happening there and the current trajectory.That said, again, if you believe investing in CA will match your goals it's a great, time tested market.

Will this cause more short-term rental owners to sell out on top of the noticeable increase we have seen this year because of the triple whammy?

So, $5k/$20k = 25% return on your investment.This is a very simple example that ignores the rental income vs any mortgage payment (taxes & insurance, etc. would be the same in both examples).To increase cashflow, you would also want to take the lower payment of a 30-year mortgage vs 15-year.Regarding the purchase:1) Require the seller to have tenants sign a MTM lease or vacate before closing.

So I think one thing you might need to add to your calculations is the projected value of the house over time and any anticipated rent increases.

Prior-year losses can’t offset W-2 income but can be used for capital gains or future rental income.For audit risk, high earners using REPS face increased scrutiny, so be prepared with detailed records.For material participation, keep a time log with tasks, dates, and hours spent on rental activities like tenant management, repairs, and bookkeeping.