It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

I understand you have a lot more experience than me (and experience is often the best teacher) but I still think I have done some things right with this property and I think it works out long term.

I made a few thousand less than expected but I figure that's just the cost of doing business sometimes.Based on my experience I wouldn't let the remote possibility that a homeowner might go into greed mode dissuade you from doing these deals.

Partnering: If you're initially short on funds or experience, consider partnering with someone who has more experience or capital.

Most of the lenders I work with (provided you have experience and a credit score over 660) would do up to 85% of the purchase price and up to 100% of the rehab costs, provided this doesn't exceed 75% of the ARV.As for the idea of selling the land, great idea.

@Jackie LinThat’s a big decision, and with your experience in California rentals, you’re in a great position to weigh the options.

Just because someone has experience doesn't mean that a local meetup would not be helpful.

I have no personal experience with them but they are the only company I know of that are built more for self managers and small portfolios. 

Your first year will be a learning experience, you will want to be close to the action, as you may not have the capital to pay someone to handle everything.

Any advice on this and experience/tips from others having gone through similar deals would be greatly appreciated!