If you decide to operate one outside of their desired areas, they will come after you with hefty fines.

Even if it's cleaning rooms, get a feel for the operations.

Learn about the Net Operating Income (NOI) and Capitalization Rate (Cap Rate)—these are essential to analyzing the potential profitability of a property.Return on Investment (ROI): There are different ways to calculate ROI in real estate, such as looking at your total return after a sale or assessing your rental income versus initial investment.

I would start asking questions about how the organizations you work with handle draws administratively and that should give you a good idea of how things will go. 

It depends on where you want to position yourself in the market and what makes sense from a business perspective in relation to your overhead / operational costs.

By the math of it, CA is making it impossible for carriers to operate in CA areas of fire risk.

You then take the cash-out and buy 1-3 more properties and get them operational.

Now they have exchanges, which are still not as secure as they are advertised to be by the operators. 

Operated as an executive high-end rental for 2 years and cash flowed nicely while rented.

Greystar Real Estate Partners, one of the defendants, released a public statement claiming they operate with “utmost integrity” and will vigorously fight the allegations.