Since you're in LA (I'm guessing that's where you're marketing to), not only do you have stiff competition like I do here in NY, but new people trying this out are also sending direct mail to that list. 

If he's going to stiff arm you $2.8 million purchase or slightly lower, but in your analysis it shows you making 12% Cash on Cash every year (hypothetical situation) well it might not be the worst thing in the world to overpay a bit (and overpay is in the eyes of the beholder).

Those are hard to find and full of stiff competition.  

They pay, or they don't and there are stiff/immediate penalties, and then they're out just as quickly.

Being that I'm a working stiff who only has a 401k account to borrow from to do this, I think one point of interest is worth it.If this doesn't work out for you, you can get an FHA loan for 3.5% down payment.

That being said, Airbnb is facing stiff resistance in NY and from all the places NY is one of the most difficult to do Airbnb with all the new regulations.

The competition in northern Virginia is stiff (and that is putting it lightly).

Yet the applicant's own reference is stating he's going to stiff him.  

As far as absentee owners, from what I understand, that is THE most sought after and marketed to list out there so your competition will be pretty stiff. 

For a $30k property, $500 a month is kind of stiff but it's up to you.