And this should be a "living and working in ___ environment fit's good with my life" kind of things. 

 @Eric CarlstromRegarding taxes, be sure you are not paying too much and that your CPA/tax professional is up-to-date on the regulations.

There have been multiple revisions this YEAR alone for state regulations that most leases online will not have updates on. 

There will always be bad actors, you will never regulate malintent away.

There's a to unpack here - preparing the property, pictures & listing, finding a management company, taxes, regulations for the area etc.

However, I believe it has deflated a bit recently due to the current interest rate environment, increased inventory of nearby new homes at a low(ish) price point, and the neighborhood turning to mostly investor owned homes.I do have mortgages; the tenants are paying these down. 

The larger unit will have higher maintenance/cap ex even with coastal environments being harsh on some items.I suspect your expense estimates are far too low especially if you kept the BP calculator default percentages.  

Quote from @David Pennington: I followed @Jay Hinrichs advice and checked with the county and they have no zoning regulations about drilling.

If you're unsure when you'll be moving, a ski-lease or mid-term lease might be an option.Truckee (City) has regulations on short-term rentals and a waiting list for permits.

I was looking into the cities regulations and it seems like mid term rentals would work.