I am interested in learning all I can about Long Term and Short Term Rentals. 

Working with the city to find a solution.There is a similar situation near me where an investor bought a short term rental house, rehabbed it, ran it for a while, and then got in trouble with the town after a neighbor complained and the town said short term rentals weren't allowed in the community. 

I agree with the other contributor that it’s better to own a $1M asset that appreciates 3% per year that pays no cash flow (over the long term) rather than a $100k asset that appreciates 3% and pays $300 a month in cash flow.

A 0% APR credit card is a smart move for materials, but for labor costs, you might explore a private or hard money lender, especially since your loan term is only 3-4 months.

You’ll get a better return over the long-term by putting your money in the stock market.

What should I be aware of in terms of fees, timelines, and potential compliance issues?

You lose all of the control and these are long term investments - but in my experience the returns match what I had on the active real estate and I am hiring professionals to manage the assets.  

Since my first property is long-distance, I figured it’d make sense to look for my next one closer to home.

My biggest aim is to ensure that my long-term success aligns with whoever I invest with's long-term success instead of making their money on the upfront sale and leaving me on my own. 

Quote from @Hector Romero: Hello all, I am new to the community as well as being the lead in real estate investments.My sister and I currently hold 3 properties next to each other in Riverside County, California (we'd like to get them in an LLC but we're unsure how that may affect financing them).