While flying in to inspect properties is noble, while you are waiting to book a flight someone is putting the property under contract. 

The asking rent growth rate of the metro's eight underlying submarkets over the past 12 months has been mixed, with cumulative change rates ranging from 1.9% (San Gabriel Valley) to -3.0% (South Bay).Competitive Inventory, Employment, AbsorptionTotal employment in the Los Angeles metropolitan area increased by 14,200 jobs during the first quarter, representing a growth rate of 0.3%, while industrial employment contracted by 2,043.

I’ve also read that the sales contract must disclose the improvements and the names of the contractors.

If you are set on the idea, for liability I would have the attorney draft a waiver, simple and cheap.Again, personally I would use that space for guests and possible include a gym pass to a local gym?

If you're going Conventional, you'll need to take title personally (not in an LLC).DSCR loans are pretty friendly towards STR setups, but you wont be able to stay in/use the property at all if you get a DSCR loan.

If you're only 1.5 hours away and need the condo for personal use, it would probably work out nicely for you to self-manage.

Contract marked owner occupied, there is NO tenant in subject or proof tenant moves out, no rent back from seller... you cannot use rents to qualify, do not rent the property, there are ways this is checked and considered dishonorable.Your wife and children can move in and you can come and go as your service requires. 

I'm a newbie real estate investor and I'm in contract of buying my first rental property.

This is a great time to update your lease to (a) a month-to-month contract, so that you can ask anyone to leave if they are messing up the feng shui, and (b) add a non-smoking clause.I have written extensively on the merits of MTM leases here on BP, so you can read about my rationale if you'd like.Here's my non-smoking clause:SMOKING: Smoking is prohibited inside your unit or in any interior common areas.

We may have three or four different purchases (to keep the personal items separate from the individual business expenses.)