This is a case study of what to avoid if you decide to go down this road.Bringing this back to my initial comments, has this particular seller articulated his/her motivation?

I would also charge a lot more than I would for a residential rental.Honestly, I wouldn't recommend it unless you've really studied it and understand how to protect yourself and earn fair compensation.

I have studied a substantial amount but I do not have the experience yet.

With my background in law, currently studying in Indonesia, and my experience as a real estate agent, I’ve seen firsthand the opportunities and legal considerations involved in such investments.

He talks about how you can purchase a rental property, manage it as a short term rental during the year you acquire it, do a cost segregation study, use those "losses" to significantly reduce your taxable income that year, and then turn the property into a long term rental in the following year. 

Study the market.

In the meantime, I’d love some advice on what peoples suggestions are as to what they would recommend to study up on first.

I studied and aced my real estate exam, got on with an awesome brokerage here in Lincoln NE. and holy smokes, that is just the tip of the iceberg.

Carlsbad DOES allow short-term rentals in the "Coastal Zone," which is where my dad's place is.Mentor's HomeMariposa, CA80-acre lot2000 sq ft 2/2 home (with an extra study and large living room)Worth approx. $750kThis is more of an emotional project for me.

While completing a Cost Seg study, they were very resistent to me using 6% and because of time-sensitivity, I decided to default to the "rule of thumb" method that you mentioned and used 80/20.