Everyone we have spoken to only considers short term rent as an option.

So your only option would be a single family not in a HOA.

Quote from @Chad Clemons: I wouldn't recommend it.Lease option can be lucrative, but you really need to know what you are doing.

If you need any help running those numbers or figuring out your options, don’t hesitate to reach out!

If you plan on going the hard money route, most lenders will require an experienced, licensed GC to complete the rehab portion.Do you have the option to bring on an experienced partner for your first that can show you the ropes?

Best of luck,Travis Hey Kevin,Since I definitely want to look out for your best interest, I repeat that investing out of state is the best option when you currently live in the very landlord Unfriendly state of CA.In addition, I never wanted a quad to live in as I just never liked the idea of living next to - above or below others.  

I have the option of turning it into an S corporation.

Even though your market might prove expensive, I would exhaust all options before ruling it out.Truth is, you have a unique competitive advantage in your market.  

The “borrower” would have an option to buy back the property if (1) all lease payments (“mortgage payments”) have been made and the borrower/seller pays is the sale price/loan amount in full at the time the option period/note matures.  

Transportation options are plentiful.