Tenants tend to expect to get away with stuff when dealing with an owner/manager they wouldn’t try with a property manager.

Right now, land (unless in a hot market) takes a special type of buyer/developer to turn it into money, so you're better off finding the thing the people with the money want. land tends to sit a long time...

As someone based in San Diego, I’ve also noticed that investors eyeing California real estate tend to focus on potential future development or expansion (especially if you have the patience to navigate local regs).

The market tends to be 3% for buyers agent that is paid for by the seller in my area.

Apex and other outer smaller suburbs tend to be more ADU friendly.

You STRs tend to be a little higher end and guests have higher expectations.

Also, don't people tend to prefer Airbnb over hotels?

In general, assuming someone isn't a complete doof when they buy, I don't think leveraging is as risky as people tend to think it is.

As a general rule, I tend to vote against anything that favors rent control and will increase property taxes.

If you decide to pursue this option be sure to EXPLICITLY spell out how the maintenance of the buildings will be handled as these types of facilities tend to be hard on property from my experience.