I've already picked up some great tips, like focusing on operating costs, using comps for ARV, and the unicorn-like nature of good contractors.

You should have a good idea of every expense you have in your primary home, then add the STR specific:  (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

When Helene/Milton hit we had local displacements and I suspended any rising rates (rising naturally due to spike to demand). 

Naturally you need to charge them for any damage to incldue smoke damange 

Just curious, when you mentioned other strategies, did you mean strategies such as Air B&B, guest homes, glamping, things of that nature?

The tenant in common nature of the ownership would tell me that you would only be related to your mother in laws portion at the most. 

Low property taxes (1.1%) and not a lot natural disasters as well.

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

The very tragic LA fires have generated a lot of discussion about insurance costs. People have been dropped by insurance companies in wildfire areas and had to scramble to try to find insurance - some using California...

Great Weather and natural disasters.