Finding the niche size will also be important, smaller ones (2-4 beds) will be competing against hotels, time shares, condotels, and townhomes and sometimes it can be a race to the bottom with ADR.

I also think you are putting the cart before the horse as far as wanting to use property management.

Here's a quick run down...My father purchased a ranch property back in the last boom.Purchased for about 1.5 Million.It's a horse property and one of the borders had an issue with us and to get back at us sent out Building and Safety.We come to find out that the property was purchased with the idea that all 2000 + Sq ft of residence was legal, we come to find out only 900 + Sq ft is legal, not even the pool is legal.They want us to bring everything up to code and draw up new plans reflecting such.Our realtor says we have a great case and can sue the previous owner, what can happen in this case has anyone ever experienced something like this?

If you don't have a clear plan and don't know which business entity best meets your needs, then establishing an LLC now is putting the cart before the horse.

At that stage of my life, investing and running a business were the unthinkables for me.I learned that education is a marathon race where I'm the only one in the race and my goal is to cross the finish line intact.

Slow and steady wins the race. 

My long term goals are to build a portfolio of multi-family properties, and exit the rat race as I am a terrible employee. 

While your situation is a little different than mine in that you want to house-hack and such, I think a lot of the same considerations apply as in here (and in the comments)-https://www.biggerpockets.com/renewsblog/2013/08/1...In general though, I am always a huge advocate of not putting the cart before the horse.

That way we could have lil races.

I live in the SF Bay Area (Redwood City to be exact) and I was wondering if there are any SF Bay Area MFH investors who want to meet up to discuss MFH, investing and operating strategies, syndication, or just to network.I'm looking for other passionate MFH investors who live in the SF Bay Area to share ideas with, to each other to reach our highest potential, and to help one another to retire from the 9-5 rat race that is the corporate world.