To buy a multifamily property without a large down payment, explore financing options like FHA loans, VA loans, and conventional loans.

Having a solid team around you like agent, lender etc.

Looks like you're in Maryland.

It sounds like you will breakeven which is better than carrying a negative cash flowing property for years.

You could likely get a different insurance policy

I am concerned about the 5 yr PPP because I would like to refinance to a lower rate at least within 3 years.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

When analyzing a potential short-term rental (STR), especially with fluctuating rents and occupancy due to seasonality, you can break it down like this:Monthly Breakdown: Look at historical data for each month.

If you're planning to sell it and split the profits with the seller, it sounds like you would want a novation agreement. 

Those major cities that you mentioned are fantastic options and have TONS of potential tenants/students, but their barrier of entry is much higher than traditional "college towns" like Lubbock or College Station.