Long-term rentals have their own set of fixed expenses such as background checks and optional property management, with variable costs like vacancies, evictions, and utilities, and unexpected expenses like tenant damage and unpaid rent.

Wanted to check if that is true and if it is just lender specific or are there any legal laws around it.Thanks

California has some options but you should check out the Oregoan Coast. 

Check with your state real estate governing body to find out what they require.  

Check to make sure that's the price point for an entire property or if it's just for one room.

Check out some of the local meetups that you can find in this forum!

You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.Mentorship isn't about finding a great mentor.

Check out of the property and have your cleaning team do their job.

I want to double check with AirDNA.

We've seen a large influx of OOS investors over the last few years due to the low price points and ability to actually cashflow, while still seeing appreciation over the long haul (I don't think many primary markets check all three of those boxes with the current state of the economy).