Townhomes usually offer a good entry price point.

I'm very impressed with Airbnb, I already received four bookings in Airbnb (although I may initially set the prices lower than average which attracted quick bookings). 

Is it easy to accomplish within a short period of time like within a couple months? 

Although I'm getting my start in San Diego, I'm currently doing research out-of-state markets that have better cash-flow potential than my local area.

@Garrett Brown Curious, would you rank Fredricksburg as a bigger tourism market than - NYC, LA, Orlando, Miami, Aspen, Smokies, Lake Tahoe, Yellowstone?? 

The add on service for those who want it, is how I'd proceed rather than blanket the entire community. 

Also, once you start the renovations there will always be change orders and you may end up paying more than you initially estimated.  

If the property appreciates significantly, you might be able to access some of that equity sooner rather than later.- Investment Lock-Up: While there’s a chance your funds could be tied up for a bit, if the property is well-designed and in a desirable area, you might see appreciation that allows for refinancing sooner than you think.Buying an existing property:- Less Risk: Existing properties come with a track record, so you can analyze their performance and potential more easily.

I know a couple of people in similar situations who lives in CA investing in St.

Even if you bought with all cash and did ZERO renovations or capital improvements, just with the missing expenses mentioned above, your cash-on-cash return would be closer to 6-7%.You should re-evaluate the complete analysis to see for yourself.