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. 

It is seen more as a loss leader where they make profit on other things. 

And your accountant has the option to treat the 1031 as an installement sale with $1 mil received in the year of sale and the other $1 mil received in the next tax year.  

I would call Montgomery and ask if assignment of this option to buy  is allowed.

If you go out into Clayton and other outer suburbs, I've seen these at more reasonable prices so it could be an option.