Typically in California, a Will alone is not sufficient to avoid probate - which is a pain, time consuming, and very expensive. 

An L-shaped modest sized lot with an easement for one neighbor to drive through and for another neighbor to have a septic system upon.

STR has additional expenses like the cost of furnishings, consumables (TP, paper towels, coffee, etc.), utilities, TV/internet, landscaping maintenance, marketing, credit card fees, lodging taxes, etc.

Assuming you have two spouses who each make $300,000, your hourly rate is about $150 / hour assuming you work about 2000 hours a year.I personally think it is better to continue investing in LTR which will likely be less time consuming / stressful to STR's.You don't want to exchange something where you make $150 / hour(at work) to something else where you may only make $10 / hour.Best of luck

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

We bought our first property in the Smokies in 2005 and now currently own 5 and manage about 30.We now have a lifetime income stream from the 5 properties, with modest mortgages on just two of them.  

As for the cost, you can make a kitchen look pretty amazing with a modest bump to your budget over baseline home cheapot materials. 

This will drive how much you can borrow.Consider More Modest Options FirstWith $200k in investments to deploy, look at starting with 1-2 short-term rental properties first to gain experience before scaling up.Explore markets closer to your mom's current location that may have lower costs but still tourism appeal.This allows you to validate the model and your ability to operate short-term rentals successfully before risking more capital.The short-term rental concept could potentially work, but I would recommend starting with a smaller, very well-researched first step to validate the model before going all-in on a larger endeavor.

This is why there can be muted market responses to actual Fed rate hikes, as the central bank often telegraphs its intentions ahead of time, to the point where the change is fully expected/estimated and thus “priced in” ahead of time.Key Economic Data Releases that Move Mortgage RatesHere are the key economic data releases that most affect Treasury yields and mortgage rates; understand these and plug them into your calendar, and you will be a mortgage rate magician in no time.Consumer Price Index (CPI)For even casual interest rate watchers, it should come as no surprise that the monthly Consumer Price Index (CPI) release is key to interest rate movements.

It’s expensive and time consuming to collect or foreclose—especially if you can adroitly throw wrenches in everything.Once you’ve done that you go negotiate.