Hi Ankur, I'd monitor the progress of SB-280 which should override local regulations with a state-wide airbnb registration system.

Send me a message if you have any questions, I can be your local boots on the ground. 

Here are a few tips that might help you get a clearer picture:Local Contractors: One of the best ways to get accurate estimates is to connect with local contractors.

The location of the lender doesn't necessarily impact your chances of getting a mortgage or the efficiency of the process however, local lenders have a better understanding of the local real estate market and regulations as they are more familiar with appraisers and other closing professionals in the area which can expedite the process and you will get a more personal touch and easier communication.

With a strong interest in the field, I’m here to dive deep into real estate investment, aiming to grow and learn from this community’s vast experiences.Currently residing in the Bay Area, I’m fascinated by the dynamism of our local market but am equally interested in exploring investment opportunities beyond, including other cities and states.

Yes:- file state tax extensions if you have state income tax- make estimated state tax payments- file amended 2018 returns if needed, unless you filed a 2018 extension in 2019-  make1st quarterly estimated payment towards your 2022 taxes- adopt a dog from your local shelter

I do live in a lower-income area that is now up and coming (more job opportunities, more infrastructure being built, local amusement parks, close to city, etc).

But make sure to do more research, connect with local agents that know the market, connect with investors who own rental properties in that market, and then decide if that's going to be your main stomping ground. 

What are the best practices in this situation, especially considering any local laws and regulations that might apply?

Also considering Airbnb type property and outside of local area if the numbers are right..