@David Woodside The 500-hour rule allows you to treat rental losses as active, enabling you to offset other income and reduce your tax bill significantly.

There's a standard syndication that goes out to sites like Zillow, Redfin etc that is included when it is listed in the MLS; hence why people can find properties from across the country. 

Purchase price: $715,000 Cash invested: $297,000 Current Listed Price: $830,000Original Listed Price: $950,000 (4/13/2024)It has been reduced $120,000 in the las 6 months and hasn’t sold.

The Homeowners Insurance will include Builder's Risk. 

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

Self managers can reduce their PM costs significantly. - Furnishings and Design: Active vacation rentals are usually sold furnished, vacant homes are not.

That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

Maintain - includes taxes and insurance?

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

Building a 4,000-square-foot, three-story duplex with a 1,000-square-foot ADU could cost about $1.83 million, including construction and permits (excluding land).