My one tip would be, its not about getting wealthy quickly, but more long term.

Over the last year, I've developed a passion for real estate and want to be able to use it to generate income and secure financial freedom in the long run.

How long have you been using deal machine for cold calling?

Plenty of people invest remotely, and as long as you have modest expectations (not chasing the highest possible yield), and are using light leverage, and don't get suckered into buying in a part of town that you wouldn't feel comfortable visiting in broad daylight, plenty of people do this and do... fine.

The trials you face—long nights, tough negotiations, setbacks—will all be worth it for the wealth and freedom you can create.

If you decide to take the partnership from a trial, to an ongoing long-term partnership, then get the attorneys involved and create an ironclad, partnership. 

I just want some outside eyes to help me understand if this deal is what I should expect to find as I build my portfolio.I plan to buy and hold long term.

Malibu allows it but requires a 15% "hotel tax" on the gross revenue.I would recommend looking out of state or underwrite the property as a long term rental in the event laws change.

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

It can still qualify if it's a fixer-upper, as long as the rental income from the property can cover the debt service.