Even in your area, you may meet other out of state investors so you have more context for when you talk to the people who will make up your team there.

There are definitely people with more experience than I have, but from what I understand, Proper insurance (and probably other companies) will cover like a commercial policy, as well as a personal property for your own personal use.  

The lot works and ok with living in one unit, just trying to find people that have executed them in Los Angeles City.

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

@Mindy Jensen - Wasn't there something about how "Adding more people to title" could boost the primary residence cap gains exclusion from $500K to higher number?

People have to remember that the seller finance space fills the gaps that the banks leave behind. 

Please let me know as well if you are starting a group for people on Long Island.  

I still think that the appreciation question boils down to the "Do people with options want to live here?"

I like to hear other people's opinions.

Sometimes people will list it low knowing that there are repairs.