Due to high costs in San Diego, I would likely have about $2500-$3k month negative cash flow even with renting out the rooms/house.

I'm a fan of the consistent, not checking which way the wind is blowing, dollar cost average investor that keeps buying every year or two.

The seller says I can just deduct the repair cost from the tenant security deposit. 

Outside of the that the monthly cost was more then the value provided.

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties. 

The NV side in the north has simple regulations although a higher cost of entry.

Everything costs more than you think it will, takes longer than you think it will, and exit strategies of selling or refinancing are a bit more complex and difficult than strangers on the internet make it seem.

@Daniel Mendez As much as possible.If we do a holding agreement to take the unit off the market we try to get them to pay the first month rent and any other move in costs other than the security deposit, which they pay at lease signing. 

There was an additional cost of 3k that we didn't expect because we didn't walk the attic, but that's to be expected for a sight unseen offer.

Renovations would cost around $30,000 but the only things I've done are Plumbing, foundation work, gas line, and new windows.