I would have been more successful on the deal if I used more patience and developed a skeleton team before I closed on the property.

I know its the vacation capital of the world, but when I was there late last year, the marketing of developers to STR owners was frightening. 

I am trying to get an already existing building in an average area of Los Angeles with conventional loan, they get it permitted and entitled for multi-unit development. 

@Ryan Stahr Forest Hills has their own regulation against short term rentals, but Airbnb would be ideal. 

Working on my 1st potential, albeit small, development.  

Or are there any new developments in your area?

From my research ideally you would want a 70% LTV as a portfolio.

Ultimately I want more residual income and I'm thinking if I can get them a good return and could have a little residual income from each property that would be ideal!

I have no idea, but this seems like a possible option;  I'd hire my sister to do the short term mngt; cleaning; renting etc - Much to investigate here - maybe even for just a few months while I deal w/ my chaotic life (fix/flip) here in CO. 

In highly desired flood zone, good area and there is a new residential development down the street that is starting.