Even beyond the markets you mentioned (Mammoth Lakes is not easy to get a permit FYI), here are others near you that have decent to favorable regulations supporting non-owner occupied STRs:Palm SpringsFullertonHuntington BeachSanta BarbaraJoshua TreeMalibuBig Bear LakeNewport BeachFeel free to DM me if you want to jump on a call and figure out the best bang for your buck.

You are correct in your assumption that many appraisers just add what you purchased the property for plus what you rehabbed it for and then they look for comparables that will support that value.

So, sellers can also be asked to sign notarized affidavits personally guaranteeing the validity of leases and ledgers.So now, let’s get to the clause to include on your purchase agreement to make sure you get all this information in enough time to review it.Seller(s) agrees to provide the following to the buyer within X days of buyer’s satisfactory inspection, but in any case at least X days before closing: All rental leases, rent ledgers, tenant(s) valid phone numbers and email addresses, rental applications & supporting tenant identification, income and asset information, any documents corresponding to any ongoing legal actions pertaining to the property, leases, service contracts, etc., at least three (3) months of the most recent bank statements for any account(s) rental funds were paid into and any company or corporate tax returns for proof of income and expenses.

I have seen other people charging linen fees and admin fees.My cleaning fee is a little higher that the cleaners charge to cover consumables and minor replacements.

Read books, listen to podcasts, go to local meetups, look and analyze properties, make investor friends online, consume real estate content, go to physical and virtual conferences, to name a few. real estate is sort of a long game, you'll always be learning so once you make good habits the wins will follow 

Communication and support are a godsend to elderly.

Understand as well, that if his friend is in the business, it’s very difficult for him to make an owner occupied, consumer purpose loan without proper licensing, an NMLS registration, compliance to TILA and RESPA, and on and on.

I know the market is TOUGH right now, but I would highly suggest sticking with your criteria so that long-term, you have the right house to support your investment goals.

Full renovations can be very tough and time consuming without good contractors and experience.

House hacking is a great option but if you have any debt (consumer, student, auto, personal) weighing you down it's not wise to buy real estate.