@Christopher Mooney NOI is Gross Receipts - Expenses...including Property Taxes/Interest/Insurance, etc.Income tax is based on the NOI less depreciation.

there are more than a few of us who have had this happen to us here on BP.. myself included.

p16  "Salzano used this money, much of which was traceable to Fund investors, for an array of lavish personal expenses, including erectile dysfunction medications, expensive dinners, extravagant birthday parties, and payments to Individual-4 (Salzano’s wife), Individual-5 (with whom Salzano had a romantic relationship), and Individual-7 (Salzano’s ex-wife), none of whom worked at NRIA in any capacity."

Industry still looks at STR as a bit riskier than LTR cause there's no lease.Lots of investors use bridge loans which are short term loan programs that include funding toward the acquisition plus funding toward the rehab. 

If you know you can't or don't want to deal with people then factor in a property manager for expenses.

Moreover, other investment strategies are worth exploring if you are predominantly interested in high-yield cash flow; these include rent-by-the-room (which Josh and I are well-versed in), short-term rentals, and medium-term rentals.

How you proceed will depend on a few factors:- financing will depend on your exit strategy - you'll be best off if you can decided the exit plan (LTR, MTR, or STR) before buying- Since you're not employed and living on savings, what is your burn rate and your cash runway?

And again, this is still not including any capex/repairs.  

In California, diverse housing options are encouraged, including Accessory Dwelling Units (ADUs), reflecting a broader trend toward inclusivity.

75% of ARV is the max you want to go when you include all your costs.