This area has a lot of short term rentals because we draw a lot of tourist looking to see the mountains, hiking, or biking.

These areas have traffic year round and are close to tourist attractions.

Too risky IMHO, especially if it is a tourist driven condo.

For heavy tourists markets where there are several STR management companies who have websites, most direct booking individual websites will not even be able to compete with that.But if you work on your social media presence, social media ads, and routing return guest through your direct booking website, you are building a base of clientele which makes you less dependent on the whims and algorithm changes that the big OTAs have.  

The property is zoned as mixed-use tourist commercial, which allows me to convert the property into a motel/hotel.

You are required to report worldwide income on your federal and California tax return.Since California's tax rate is higher than Georgia, you are ultimately paying California tax rates when you sell the home.California will provide you a credit for taxes that you pay to Georgia but will still be required to pay the difference.

I would say that as long as you are close to major hospitals, universities, company headquarters, airports, tourist attractions, or beaches, you'll generally be pretty safe in getting your desired return.

If you bought a four plex right next to a tourist's hotspot and rented it out on AIRBNB you could do well.

With the exception of the first 6 weeks of Covid, it turned that place into a non down season full on tourist packed place for 24 months.  

Inner-loop neighborhoods: Popular with tourists and young professionals, but competition can be fierce.