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.

Study the market.

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.

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.

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. 

Bad preaching and greed has lead me to study this topic .

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.

Depreciation helps reduce the taxable rental profit, potentially bringing it to zero or even creating a loss, which can carry forward to offset future rental income or other capital gains.For high wage earners, other tax strategies could include leveraging cost segregation studies to accelerate depreciation on rental properties through bonus depreciation, taking advantage of tax-deferred exchanges (like a 1031 exchange), or maximizing deductions related to property expenses (mortgage interest, property taxes, insurance, repairs, etc.).