:)I can see the attraction of keypads for short-term rentals,  but I am constantly trying to harden my rentals. 

I pick and choose my deals.1) Find a Great domain name2) Head over to Investor Carrot and get the middle package3) Go through their SEO training which serves as a great little starter on SEO.4) Make your website credible first and foremost.5) When you have a decent credibility score, work in all you learn on SEO6) While you constantly improve your website, start learning about PPC/DMM7) Send out your first campaigns.8) You get your first paycheck9) Dump 90% of said paycheck into your business, by increasing your marketing budget10) Repeat process while ALWAYS working on SEO11) Withing 3 to 4 months (if you get to be as good as SEO as I am) you WILL rank #112) Leads magically start pouring in faster than you can open them in your inbox13) (Optional) Quit paying a cent on Marketing, and enjoy actually investing!

Risks that I see are rent control (already in some places), lessoning housing regulations (there is a proposed regulation that would let any SFR be converted to a duplex, there is already ADU rules that allow an ADU to be added to most SFR, and parking requirements are constantly being reduced to allow more affordable building options), possibly at top of market (which if past history is an indicator even if Bay area is at top of market a new high will be established in no more than 8 years), potentially any number of other potential Landlord unfriendly regulations (no STRs, disallow criminal checks, rent control (already discussed), longer more onerous eviction procedures (already can take a while in some cases), mandating acceptance of Section 8 (already true in some areas), etc.).You evaluate the return versus the risks and determine if the investment appears sound. 

@Julie Norris, joint venture or loan from a 401k plan are the most obvious.  

You have to constantly market, answer inquiries, process payments, move tenants in, handle questions about how to operate the TV remote/furnace/air conditioner/thermostat/etc., move tenants out, coordinate cleanings, pay lodging taxes, change your insurance, furnish the property, stock consumables, and more.

I am rehabbing houses and flipping now but I constantly think about going after lots that I can subdivide and sell off the existing rehabbed house and then building a spec house on the other piece of the remaining land. 

I'm really trying to figure out the best strategies in the NJ markets so I'm not constantly searching for the seemingly rare high cash flow properties and overlooking other opportunities. 

I'm going to constantly be bouncing back and forth from Bellingham to Ellensburg with getting school settled and when property opportunities arise.

Right now I'm on the road constantly.

You think running in the fields, climbing trees...WrongThey want to be at eye level to you, when you talk to them.Apparently it has an extremely psychological effect when people constantly literally look down at you to talk.