If you are starting out investing and are just looking to hedge against inflation, this is a great option.

You can get into it with relatively low money down depending on what options lenders offer in your area. 

Just a thought, is an equity loan or equity line of credit an option on either of these?

Condos can be a good option for new investors, but updating kitchens and bathrooms might not add as much value compared to single-family homes, especially with potential restrictions from condo associations.

What options do I have?

I'm researching STR options for my first investment, and I'm wondering what areas of California are prosperous for Airbnbs.

This gives you the best heads up when going through options!

If you want to attract high-income earners who are used to a certain quality of life and can't afford to buy in those areas, then look at your available options; house-hack, partner, buy a condo/townhouse as opposed to a single-family home, start with medium-income earners, etc.

I just came across this forum and thought I'd post this and get thoughts on if the I made the right move with the purchase of townhomes and what my other options are. 

Instead of implementing a first right of refusal, there should be an option to buy their homes from them at a fair market value/paying to move their homes elsewhere or give them the first right.This is the real issue, we are not protecting tenants by solely giving them the first right of purchase.