I'm also based in California.

Hey @Benjamin Jones -  Fellow Japan-based investor here.  

I think both of your strategies have merit, but here’s my take based on what you’ve laid out.Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA.

I'm looking to purchase my first rental property and have been searching for a deal that would generate positive cash flow based on my projections.

Hi Erica, what I've notice is that high-quality (high-priced) washer and dryers don't out perform other based price models in rentals. 

Forgot one detail the new California based lender committed to funding as long as the property isn't in an evacuation warning area.

You just have to deal with lead base paint inspections and random rental inspections now though.

You could then choose a broad based index fund if you wanted to invest in the market.  

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

Bigger Pockets is a great place to learn and connect with fellow investors.I’m an investor based out of Columbus, OH.