Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation.

That should attract competitive offers, including cash offers. 

We purchased a different investment property for long-term leases.There is plenty of competition (obviously) for vacation rentals, but there is also high demand.

I always advise against taking on a heavy lift for the first deal.

If you don't and you are renting, then I would push you even further towards house hacking, as then you will get the double benefit of eliminating most, if not all of your living expenses, which in turn will greatly increase your savings rate.Other options could be, find a partner who has the capital, and you do all the heavy lifting of managing, and handling the property.

I have heard from multiple people that it is not that accurate.Better to check some of your competition manually on Vrbo and Airbnb.

Being in a competitive market I am looking for ways to legally gain an advantage for BRRRR homes (that need to be fixed up), especially with on market properties.  

Although it is heavy seasonal, I do believe we could do well in a short term market up there!

I would discount rents lower than the competition as a way to attract tenants.

Going into another market won't help, thinking California has more competition or more stubborn sellers isn't the case.