I think in some areas there will be no STRs available for lottery after accommodating the "good" STR owners.Del Mar passed very stringent non-STR regulations but the coastal commission required that they be eased slightly.In general, San Diego climate is anti- STR and to plan for STRs is a higher risk plan. 

Keep in mind not accepting cats/dogs will climate roughly 60% of prospective tenants.

Even in warm climates.

With different industriesJobs Jobs JOBS long termGood weather long term - despite global warming, temperate climates - I know CA is the only place with really good mediteranian weather, but I live here so wanted to buy oos.  

In today's climate would you lock in 15 or 30 year low interest mortgage only to make $1600 per year COC?

Where are the hotspots like warmer climates near key attractions???

The most profitable strategy is determined by the economic climate, the particular property characteristics, including location, type, rental income, value, cost, etc.  

@Elliott Back in a climate like Dallas you won't see much difference-if any-on your energy bill.

Currently contemplating on which market to start, especially with the current climate (i.e. rising rates/looming recession/inflation, etc.).

Remember, you can base your next one off the current climate.