So it could potentially work out if we invest and live in the property - our kids are in Irvine schools- vs. continuing to lease and invest in a different location in OC or beyond depending on the market!

How did you work out these questions and develop your own vision/goals?

@Diane HeidkeI own a few condos in NC, to answer your question if the numbers work out buying a condo could be a good way to start out.

It is very modern, listed under market value, has a good sized backyard for the area, and is also a house that I could happily move in to come July of next year if the airbnb model did not work out as planned.Your last point of a true vacation rental that a family would really want to spend a week at is hitting home and making me think harder about them.

I'm telling you guys this because its okay for you to change your plan or approach,and as long as you stay focused on your long term goal everything will work out.

My project was smaller with only three windows, but they showed up when they said they would and knocked the work out fast.

But if you can buy it at 8% cap rate today, push the rents up $50 per month starting in 60 days from purchase, and then keep advancing the rents annually, then it might work out fine.As always, the other variable -- which I don't know -- is if it needs any cap-x and how great the location is.

The same can be said for the single large STR or two smaller ones.3: Economies of scale also work out for your guests.

If so I'd love to hear your story; like how you did it-or if it didn't work out I'd love to hear why. 

My workouts often include deadlifting, and I am concerned about noise for the 1st floor tenant from dropping weights.My second concern is the flooring.