“Multifamily” in real estate typically starts at 5 units or more, where 2-4 Unit properties, even with multiple units, is typically in another box.5-10 Units: If the properties you are looking at are more than four units, then the options are likely going to be a bit different.

These two things made a BIG difference for me.  

However, time in the market makes all the difference in the world!

I've had such bad experiences in the past with dogs in a different fully furnished short term rental where we originally allowed dogs-- swimming in a decorative pond and disconnecting the filter, killing the koi, chewing up a couch and other soft furnishings, scratching a newly installed hardwood door and ruining the finish, digging giant holes in the yard and landscaping.... thousands of dollars of damage, really, in a very short time, which is why I have a strict no pets policy, and am particularly nervous about dogs on the property.

They are programable so you can set them up with many different codes and configurations.FWIW electronics do fine in the cold. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

====================I have asked 3 accounting professionals and received slightly different answers. 

Biggest difference from CA are much more favorable landlord laws, taxes do NOT reassess on the sale, and still high appreciation due to land constraints, proximity to Lake Tahoe, tech and manufacturing job growth, Tesla continuing to expand, etc. 

I'm not entirely following the implications and fundamental differences of the two options.Thanks again!

All these STr regulation is actually protecting the owners of STR because the supply is limited.Tax was also not that big deal.If we purchase STr in Tahoe , every county has very different rules and the permit has limit while in Hawaii as long as it is in resort zone, we will get the permit.Also another good thing if we buy at the correct spot the appreciation is so good this is actually the best performing market after CA.