Look up market rental data to know if you're in a lower paying area.

Louis Fed shows the delinquency rate on residential single-family mortgages, and proves there's a way to spin this data to show that delinquencies are increasing rapidly.

After that, the house ownership is transferred over to me.

Hopefully, based on actual field measurements, past project data, and estimating software, your contractor can develop a detailed estimate that lays out the cost of labor and all materials for each phase of the project.

Read the full article here.https://www.politico.com/states/california/story/2020/05/07/california-faces-54b-budget-deficit-1282926The past may have been good to California investors but from the current data, the future does not look so promising.   

I'd have them sign my own lease on renewal and I'd make sure I had enough information on them so I can go after them if a legal issue arises such as employer and other similar data. 

@Steve CastagnettaBe honest have not really found a very good one - and I always question data - why?

@Daniel Johnson Hi Daniel, I just moved from Ontario to Nova Scotia and transferred my real estate license to NS, my wife and I are investing in Nova Scotia, and would love to help you out with your short term waterfront rental project, you can message me anytime. 

Then research local regulations and tourism and data. 

I’m happy to share more data if interested.