Become additionally insured on their general liability insurance policy, and for extreme measure, ask to get a performace bond in the beginning.

It's easiest for me but there are plenty of other competitors with similar products, for what its worth.I used a commercial loan and an LLC to limit liability. 

Check first with your local building department.High liability risk.

As far as your liability on parties, you really don't have any unless you're throwing the party.

You also open yourself up to personal liability issues in the event of a lawsuit.

Essentially legging into a property for limited down payment?

Also, don't limit yourself to just Cali's inventory.

@Eric TanJust based on the limited info, I would structure a Lease with an Option.

Some HOAs put restrictions on the number of rentals in a given community (such as 30% of the community can be rentals while the other 70% must be owner occupied), and once that limit is reached, the HOA won’t allow another rental.  

Needless to say I don’t sleep much.Experience:We have some limited experience in real estate.