What strategy are you going after and what are your long term goals?

In terms of new construction, a couple things to be aware of in San Luis Obispo County are water shortage issues and development fees/taxes which can significantly increase the building costs.SLO city and the neighboring cities are particularly diligent on their water usage, as most of the county's water supply comes from three surface water reservoirs and a groundwater basin.

Those same restrictions can have positive long term investment trends by creating a higher barrier to entry for new investors, and theoretically greater return or demand for those that are operating.

Investment Info:
Mixed-use building

Purchase price: $405,000

Cash invested: $20,250

Mixed use investment. 2 residential units with 1 storefront

What made you interested in investing in this type...

Tax treatment on short term stuff is an issue. 

Be careful if the actual contract has any terms about assignment or allows their private access to the home before closing, as many "cash" buyers out there try to tie up your house for a low figure, then sell it higher to someone else before they decide to close it with you. 

What do I need to do in terms of remodeling and permits?

I have begun reading David Greene's Long-Term Real Estate Investing to ensure I do this properly.What types of data should I be looking at before choosing a market for mid-term rentals?

Long/medium/short term rental?

This is not turnkey management long term as well.