I now want to start purchasing properties within driving distance of my home in Los Angeles, CABased on research, the Palm Springs adjacent market (Desert Hot Springs, Palm Desert, La Quinta, Coachella, ) look like a good bet based on cost of ownership, Airbnb/VRBO revenue, regulations, and proximity to myself. 

I am just OLD  nothing more nothing less.. its been my life for 45 years and my wife s as well.. plus I am very open minded to all manner of real estate.. kind of whatever is hot at the time.. like in the middle 90s when timber in the northwest was MOLTEN hot.. had to get into it. 

Things are far cheaper than it is for you guys however it has been a very hot this year and prices are moving up.

The hot messes and the flakes do not last.

@Zac Boelkow, this is typically a regional factor; hot vs cold is the biggest termination.You can go short-term with either a mini-extension or month-to-month. 

I've seen a couple of hot MSAs for SFR investing start tipping to tenant-friendly laws of late (COVID aside).  5.

With $450k you can buy a pretty nice VRBO in a hot tourist area like Pigeon Forge, or a nice Lake House on a southern lake that has a longer Summer peak time, etc.Or put it to work buying a flip house and having the resources to fix it up with your own cash.Don't think you need a bank to get started.You can do some great networking here on BP.

New kitchen, new paint through out, new floors, new tub, new hot water heater, and general touch up.

Currently the market is very hot for all types of properties and demand for the rentals is still quite high but I think at that price your unit would take longer to get rented out. 

If you don't have the courage to buy in a hot market, you won't buy in a down market, when people are loosing their jobs and money supply disappears."