long term rentals are a fantastic long term investment. 

Pros could be: Clean water + tub for each guest; on a well, so no water waste concern; can make it design-y + cute; can be used winter (hot water) + summer (cool water); goes better with forest location of the home than a traditional hot tub might; will hold same number of guests as hot tub would (2 people in each tub).In researching I have seen some people on Airbnb have these checked in amenities as 'hot tub', some 'private hot tub'.

He gets way into the weeds on ALL of the costs involved in buying, holding, and then either keeping (if he BRRRRs) or selling (if he flips.)  

Although all of the Los Angeles metropolitan area's twenty-one office submarkets contributed to the metro's recent rent growth, it is worth noting that the 0.8% asking rent growth rate of the past 12 months compares unfavorably to the metro's long term performance.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 in the dominant office-using industries, employment grew by 4,600.

Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

We plan to use the home for short-term rentals—so safety is important.  

Many reasons here, but the most common is they went into deal with short term floating rate debt at a market peak.

Also, read the contract very well before you sign because most PMs will lock you in a long-term contract.If this is your first investment, I will recommend you manage it yourself so you learn one or two things about landlording/property management.Goodluck man!

As I move purchase price and terms around as we negotiate, at what cash flow amount would you pass on the deal?

We leveraged our expertise in property evaluation and market analysis to secure the deal at a favorable price of $93,000, ensuring both parties were satisfied with the terms and conditions.