Would a propane fueled firepit be ok you think?

I start with ARV less the cost of repairs and may be a little bit of extra margin because somebody still has to take all the work on, never mind the fact that your buyer pool will be reduced to cash buyers and those with rehab loans. 

If the seller listens to the realtor, he will go through a slow death of reducing prices until he sells it next year some time.  

Or is your question about fuel source (oil, propane, gas)? 

Do I have the wrong mindset here and should I be more focused on reducing taxes as much as possible?

I suggest to stay out of city of LA and hug the coast if you want to reduce risk.

We all need to live some place, so you might as well start building equity, and reducing your housing cost to start.Some strategies to househack include....1) Multifamily 2) Rent by the Room3) ADU - Accessory Dwelling Unit.Each of these 3 strategies will have prime and non-prime locations in the metro area.

If we win the lottery, do we have any assurance that STRs will not be further reduced or Eliminated all together in the future?  

Put that in perspective, you have credit card bill and your balance is $50,000 and your payment of $1000 only reduces your balance by $550 dollars.

I have opened my calendars far in advance and set a 30 day night minimum and reduced the prices to a fairly low profit margin just to test the waters.