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

Study the market.

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.

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.

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

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. 

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.