Condos can be a good option for new investors, but updating kitchens and bathrooms might not add as much value compared to single-family homes, especially with potential restrictions from condo associations.

This gives you the best heads up when going through options!

Just a thought, is an equity loan or equity line of credit an option on either of these?

What options do I have?

If you want to attract high-income earners who are used to a certain quality of life and can't afford to buy in those areas, then look at your available options; house-hack, partner, buy a condo/townhouse as opposed to a single-family home, start with medium-income earners, etc.

I'm researching STR options for my first investment, and I'm wondering what areas of California are prosperous for Airbnbs.

I just came across this forum and thought I'd post this and get thoughts on if the I made the right move with the purchase of townhomes and what my other options are. 

Instead of implementing a first right of refusal, there should be an option to buy their homes from them at a fair market value/paying to move their homes elsewhere or give them the first right.This is the real issue, we are not protecting tenants by solely giving them the first right of purchase.

I just googled "hard money lender Fresno, CA" and about 20 options popped up.I'd spend an afternoon calling around and talking with loan officers.

Thanks Travis, yes I would love to discuss options in Detroit &neighboring areas, will PM you.