My son (age 24) however, is an independant contractor / self employed and is trying to buy a house. 

Im self employed, roughly make $130k gross anually, 1099 NEC , no debt at all, 740 credit score. 

Investing in your self improvement is wonderful most people do not have the mindset for growth.   

.- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

I agree that the best way to make money is self manage your short term rental (not AirBNB, that is a platform).

We own over 100 units in San Diego and have always self-managed. 

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

I have been President in a 30 lot self-managed HOA and it isn't that difficult if everyone works together. 

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! 

Otherwise, you will likely be copying someone else's false expectations.I have reviewed hundreds of such self-constructed logs, and most of them will not hold water.