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@Kirk M.I'm a former CA resident (SLO) now living in Reno Tahoe area of Nevada.

Sounds like you are in Orange county, which does not allow STR unless you live at the property and are allowed to rent out a portion.

Our downtown is not as big and lively as other major cities and if we grow as fast as we have, our transportation system will likely lag. 

Nestled in live oak trees and a quick walk across the street to the beach, the property provides a serene setting to unwind.

1) you don’t need/want an LLC2) get a $2M umbrella, super cheap and covers you when you ar responsible for the lawsuit, not the property. (90% of the time.)3) get a VERY good PM, you don’t want a professional tenant living there for a couple years without paying rent.

Lots of foreign companies operate in the US, with shareholders not even living in the US.

We have had some recent storms in the Dallas/Fort Worth area that have caused some serious damage and even taken lives.

She reached out to me that the previous owner lived out of state and was looking to move out of the country.

If you are willing to live in one side of a duplex, you could house hack for very little down.