We sign 1 year leases so we do not have down time or off months.  

@Todd Pultz Google California Civil Code section 1695 for a full run-down.  Timing

You'll need to account for downtime and out of pocket costs while you hold the unit during construction.A 115 YO Triplex is probably due for some TLC in the CapEx arena.

So, generally I will work a 12-14 hour day from home and I listen to podcasts and audio books while I work in my home office, and check BP and MLS in my down time.

So maybe only one or two meetings a day with some down time in between.

Let's say I can raise rent 5% - if the tenant balks, I'm looking at a broker commission of 7k + cleanup/paint + possibly new carpet + 1-3 months of downtime until a new tenant actually moves in - $30k+ range. 

So there is no downtime from taking calls.

This leads to a lot of down-time.

Luckily the work on this deal didn't interfere with anything else because it took place over such a long period, I was able to focus on this deal during downtime in my regular business.

They also may open it back up.The Nevada side of South Lake is Douglas County,NV and currently paused at 604 permits- they may open up.There is also the workaround which is co-host with the seller and use their existing permit if they had it as as airbnb prior though that would have to be a great relationship with your seller from the start.There is an argument for King's Beach, CA side- the prices got dinged when they paused permits so if you could make it work they will likely open back up at some point and you would be set to jet with your duplex/expansion/remodel finished in the downtime if you were inclined to do that type of value add.