But if you think "LLC filing" is complex, then neither is a good option for you.  

Fantastic options for STRs when you control the space (and costs).

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

But the short story is that property management va's are definitely helpful/.First option is to hire a virtual assistant and train them, not sure if you guys have handbooks for new hires.

That said, I think renting it out is your best option.

It's challenging to secure a Hard Money loan for fix and flips if you're considering a second lien position.

An option that may be allowed is furnished rental 30+ days.  

But you can't have enough solid contractors in your back pocket in this market, so I think that's very smart having some backup options to compare quotes so you're not stuck using the PM's guys and their 10-20% mark ups all the time!

Another option would be to check with small local banks and credit unions. 

If I was in your position I would look to air bnb or VRBO the property you purchase in San Diego this way you will have less negative cash flow than if you were to rent it out to a long term tenant.