I would speak to contractors to understand what this will cost.

My big concern, like you, was the cost of property in California but there are some cheaper markets in state as well that have a lower barrier to entry than the coastal markets.

THe best I have seen is up to 89.99% LTV on a second meaning you'd still need to come in with 30K+ closing costs. 

Given the cost of placing a tenant and the vacancy, I'd want a 1 year lease and then go month to month.

This is tough.Depends on how fuzzy you want the business/family line to be.The only thing I'd be absolutely sure of is that your money has more tangible security than being a "personal loan" EVEN IF you cut him a break on cost. 

What is the approximate cost?

Landlords worry that the security deposits allowed under the bill will not be sufficient to cover these damages.The presence of pets can lead to higher maintenance costs due to wear and tear, noise complaints, and the need for more frequent and thorough cleaning.Financial Implications: The bill prohibits landlords from charging additional rent or security deposits specifically for pets, which landlords argue is necessary to offset the increased risk and maintenance costs associated with allowing pets.Landlords may need to increase their liability insurance coverage to protect against potential issues arising from having pets on the property, which could lead to higher insurance premiums.Key Provisions of AB 2216No Blanket Pet Bans: Landlords can’t have blanket bans on common household pets without valid reasons.No Extra Charges: Landlords can’t charge extra rent or security deposits for pets.Documentation Requirement: Landlords must provide written documentation if they restrict pets for health or safety reasons.Pet Liability Insurance: The bill might require tenants with pets to have pet liability insurance.As always, I’m here to discuss how this might impact us as property managers and landlords.

U may want to try it and book a room and see for your self.. so for my trip to DC 3 nights cost me ( actually just checked) it was 60.00 extra 20.00 per night for 24 hour cancellation and half of  that for 5 days.. 

Get some estimates on what it would cost to finish up and of course, figure out how much the ARV will be to see if it is worth what the contractors are charging.

And if the right property is purchased you can recoup the money to pay back loan and any other start up costs to repeat the process.