I think you are asking this question: How will a lender determine debt service coverage for a proposed Airbnb? 

734-unit apartment-and-townhouse project proposed near Highstreet in AbbotsfordDevelopment planned for Mt.

@Manav Mandhani what you’re proposing is basically the BRRRR method, just over a longer period of two years.

That being said, you can do what you are proposing perfectly legally. 

I have thought about proposing to deal to them where they fund the deal 100% in cash+ rehab cost, and then BRRRR to get them their cash + interest back.... but tbh this scares me and seems like a lot of moving parts for my first deal.I know that if I can get creative enough, I can figure out a deal that benefits all parties involved.

"The proposal would treat the exchanges of real property used in a trade or business (or held for investment) similarly to sales of real property, resulting in fewer distortions."  

There was a short term rental ordinance proposed in 2019 for unincorporated areas, but nothing has been passed thus far. 

The bill, AB 3088, was a compromise measure, scaled down from earlier proposals to keep tenants in their homes while compensating landlords for their losses.

I'll give you a guestimate loan proposal which you are free to refuse - but at least you are further down the road than you were.

They have approved bonds for better bus routes and bike lanes but voted down several light rail system proposals over the past 20+ years.