I have a STR in Truckee that has done very well and I am looking for another STR, was thinking of the Sacramento market but I hear conflicting info on the permit process and the ability to rent it out for more than 90 days a year as a STR. 

Use your superior knowledge, experience and analytical ability to spot something in a property being offered for sale that everyone else has missed.  

From a personal standpoint I target 70% LTV for any investment I have that way gives me ability to sell it if I need too

This transaction highlights our ability to identify and execute quick, profitable deals with minimal holding time.

The ability to effectively self manage would depend on the scale you are trying to buy. 

But the risk to the seller on this deal is immense you have a guy tying up a property who has no ability to close it and then sell it to whoever will give him money and that person could be nefarious get into title rip rents could give 2 craps about the sellers credit etc etc..

@Christopher Smith there are many...but in my opinion really only three companies out there that offer the ability to 721 into a large and diversified REIT that i'd feel comfortable with. 

Also the ability to repay -  your source of income. 

The increased cash flow and the ability to pay down the loan more quickly are the biggest draws for me.Am I underestimating the time commitment of managing a multifamily property?

That makes a big difference in the answer to what Charles eloquently referenced regarding confidence in your ability to close.