BP has a book on Partnerships written by Ashley Kehr and Tony Robinson.On the technical side I would suggest partnering on a single flip which can be done with a simple JV agreement before jumping into creating an entity and crafting very good operating agreements.

We travel for work (healthcare) and chronically live out of MTRs, so it will be our first time operating a shorter term, but won’t be an entirely foreign situation to us.

A property management company cannot operate using the logic that it hasn't been that cold yet.

. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

Those are not the most important parts of the operating agreement.

But my question is that if we consider other operating costs like maintenance, capital expenditure, vacancy, etc then this property won't cash flow, so is this a good deal?

By the math of it, CA is making it impossible for carriers to operate in CA areas of fire risk.

Your decision to prioritize effective support and comprehensive features, even if it means higher costs, seems reasonable, especially when it's critical for your business operations.

@Ryan Rubel There are certainly quite a few restrictions in those two areas, in Carlsbad you have to be within the coastal Zone...I have a multifamily in Carlsbad Village a block outside of the coastal zone so I'm unable to operate it as an STR unfortunately.

Expenses will level off: Multifamily operators have been plagued by expense increases in the form of taxes and insurance, for the last few years, especially in the south, and especially in Florida and Texas.