We need to confirm whether we can turn the basement into a 3rd bedroom.

Steer clear of condo's and SFHs starting out.

I recently did a remodel on a condo to turn it into an airbnb.

Have any of you ever had to create a condo corporation?

Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.The short term market is growing and inventory is diminishing but before diving in do your due diligence. 

Will you recommend buying a condo or house ( approximately $600,000) in Southern California and rent it for approximately $2500 - $3000?

Purchase price: $385,000 Cash invested: $150,000 This was my first Condo.

You can also house hack with condos, I guess it would be called "condo hacking." 

I love the strategy of small multifamily properties. 1 roof, 1 foundation, multiple tenants :)In the Charlotte market, this strategy is VERY challenging, just because the inventory is much more limited than single family/townhouse/condos.

It's a 4 bedroom ranch approx. 35' x 65', so it would take a number of units.