The good news is that depending on your financing and your cash flow, if your property goes down in value it is a loss on paper that you can ride out and then hopefully ride back up.

California builds cost big money, and while we could do a hard money loan, I’m curious how you all might JV a deal and break down profit percentage wise…..If we partnered with someone who put up the cash to buy the house, materials, and labor, and we put up the labor and helped move the project through in a timely fashion,How would you break that payout later?

Just hoping it is a slow leveling off and not the top of the roller coaster ride. 

At this point the rental profits will revert to being split in a true 50/50 fashion after expenses.Profits will be paid out monthly, quarterly, or annually.Legalized through a 50/50 LLC, operating agreement, and real estate partner agreement.My question is this: what interest rate is appropriate for the "mini mortgage" that I'm taking out with the cash partner?

If all you have are Short term rentals and some jag off takes hotel lobby donations and either makes them illegal or highly taxed, now your portfolio is bust, but balancing between multiple exit strategies would allow you the ability to ride out hiccups. 

Suck it up, ride it out, keep track of your actual expenses and when it comes to deal #2 you'll be much better informed to buy at a price or on terms that allow you to cash flow on day 1.

I believe the majority of investors have been riding a wave of good luck for the past ten years with a growing market, strong rent rates, attractive mortgage rates, etc.

Knowing what parties are helping in what fashion is the key to success.

I don’t think Airbnb is going to die, just like Uber and ride sharing is likely not going to die.

When I am looking at STR agents in a specific area I will start with the old fashioned Google search.