Aim for $500/mo min and even that won't allow you to tap into unless that's after cap ex, management, vacancy is factored in.

If it had been my client buying this property, they would have paid a lot less even with the full commission factored in. 

Location and amenities are the two most important factors that bring potential renters to an STR. 

This reminds me of how Alex Hormozie describes "the value equation"; Experience in this case is the factor that determines the likelihood of achievement. 1,000%Alex Hormozie is one of the greatest marketers not just alive, but ever. 

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

You can close in an LLC and don't need to provide employment history, income or tax returns, and DTI isn't a factor.

It's just not the reality.I don't know your wife's income so it's hard to know what you need to replace in order to let her retire but if you think you'll get her retired in the next year or 2....you will have a 99% chance of being let down.Becoming financially free, or not needing a 2 income household comes down to 2 simple factors.

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

Investing is different from speculating, in that it’s data driven and therefor predictable and you have factors that play in that covers your downside and strengthen your chance of upside. 

HUD does not factor into the rent other amenities that might be included in the rent such as garage, basement, fieplace, central air, pool etc, that might command higher rent in the non-Section 8 market place.