Will be running number on the all these options to see which is better. 

For example, if you are buying in an area that is in are 1980s and above, you might run into a roof that is tile and the paper under the tile needs to be replaced the day you close.

There are many communities within each of these areas that run or allow nightly rental programs. 

You will probably run into some issues and need to budget for that.You budgeted 5k for unforeseen expenses on a 4000sft home.

Fun running into something I would have never thought of.  

From there, I would start to run numbers on those deals in that area/streets, and then start to connect with local agents/PMs to get an even better feel for pricing on homes along with rents for them. 

If you don't mind me asking, who's running your numbers/proformas for you? 

You are now a foreign entity doing business in CA since YOU run the business from there so Cali wants their $800 either way.So whether you need a REI tax pro is all open to interpretation.

I run a turnkey provider and built new construction single-family homes in the area.

However if you are doing it with a conventional loan, you will definitely run into underwriting issues if that is noted on the appraisal.