In the next couple of years I will look at whether the long-term appreciation approach is practical.

Currently being used as a short term rental.

I am pro coast CA market but no one that I am aware of claims it is a good cash flow market in the near term.  

Regarding an attorney, it depends what you're looking to speak with them about - i.e. entity structure, partnerships, property acquisition, contract terms, etc.Anything related to a property or a deal can wait until the week of (sometimes the day before) contract review.For starters, I would recommend attending local investor meetups.

@David GarciaYou'll get denied for both your HELOC and your loan on the MF if you use those terms.

Which is the smarter option to take financially in long term, buying a new construction or resale house as a primary residence?

Also, if they require a full appraisal on a short term loan, that is an issue as well.

I answered some of your question in this blog What Rates And Terms Should You Expect From Your Private Lender?

Are better terms available for owner-operated restaurants?

Being that I am do not in incorporated Palm Springs, I do not fall under the city's short term rental regulations.