Note that there are restrictions that apply to STRs in Ojai and the Ojai Valley.  

I think the judicial council is voting this upcoming week on lifting their restrictions.

After about 2 weeks I took off the pet restriction because I read other reviews that highly encouraged it.

Mid term rentals however are another viable strategy for the area should further restrictions come into play.

The downside is that my profits are severely restricted compared to outside syndications. 

Quote from @Tenzing Palmo: Hello I’m looking for my first investment property in Dallas Texas, I live in nyc so I don’t The trick with new construction in many of the growth cities is that don't allow rentals in the HOAs or have super restrictions. 

It'll restrict that cash flow, but unlock a nice option for the family.

This can give you the flexibility to fund your flip without the restrictions of a HELOC.

Being that your tenants are month to month does provide some relief for the new owner in terms of being less restricted on raising rent and/or replacing the tenants.

Aside from restrictions, the thing that is surprising me is the low cap rates.