so you're not going to get that promised 'cash flow' until year 5 or 7 or 10 or 15 - especially if you think about paying yourself back for that 20-25% down payment.here's a post that goes into these issues in tons of detail.https://www.biggerpockets.com/forums/48/topics/1159104-overl...i hope this helps and gives you some things to think about. 

Anyone else having issues?

My husband and I were legally separated when I bought the home and had since reconciled and ended up with two houses.

The 30 days has expired, and he is now claiming the house has mold and other issues that have not been addressed.

But in my decades of landlording I've never had a liability issue. 

Goal (in order of priority): 1) Convert upstairs of detached storage unit in back into 3 bed/2bath (for the downstairs, keep as garage on one side and rec room on other side), 2) convert detached garage in front into 1 bed/1bath for our grandma, and 3) eventually add a prefab home on the lot.From our research so far, I believe we'll have to do an SB 9 lot split in order to legally build all structures (but we're not sure if we want to do this now, or just convert the back unit into an ADU first then do SB 9 later).

I worked for a property management company that had a location up in Big Bear and the #1 issue all of the landlords had up there was finding good contractors who will complete work on time and in budget.

To set up a TIC (tenant in common) for a 1031 exchange there is a legal entity and process that needs to take place.

You want to look in a market that has legal approval for short-term rental and draws visitors (are there reasons to visit such as attractions, nearby cities, outdoor life, lake, beach, mountains, etc?).

I don't think it's a condo as many have STR regulations and HOA issues.