This is not something a newbie should try and tackle..

How big of a rehab would you tackle on your first project?

Moreover, I usually advise that if newer investors are going to tackle a rehab project, the scope of work should be limited to cosmetic items only.

Have you taken the time yet to reach out to other local investors about tackling long-term investments in the state of California.  

I do know about the "due on sale" clause when transferring but I'm going to tackle that at a different time.  

After answering those questions, I think you can tackle the others like location etc,There are lots of great markets, so go visit your top their selections and then make a decision.  

Too big for a tenant to tackle with basic equipment.  

And here's another problem to tackle: what I think is old info may be what you think is new and essential.My rule of thumb is that I never want to buy cookbooks from people who no longer cook.

I have a few years fixing/flipping, and know my way aroud building a house, but this project is on the large side for me to tackle with friends... ($90K original bid on fix).

STRs can be a touchy subject when it comes to local laws and regulations, yet it can definitely be a worth-while endeavor if tackled correctly.