I'd recommend talking to at least 2 Property Management companies in Sacramento to see what rents are going for condos.

I am super hesitant buying from turn key companies.

The broker is also the property management company, and they believe there is some room for a rent increase.

Proper is a big one, very comprehensive and expensive (we have this), Foremost, CBIZ are others.Many insurance companies now offer STR policies.

I think you are set up well to do a combo of what you said.

Get data from your title company or RE agent showing average DOM (days on market) for listings in your subject property area, find out how many homes are currently for sale, pending and sold today, 6 months ago, 1 year ago, 3 years ago.

First, learn about ways to make money last, set your aims, grasp house hacking, check if you're ready money-wise, do deep market checks, make friends with local home investors, agents, lenders, and those who manage properties, go deep into property details, and get to know the local home laws well.

There is also a large restaurant company here that I have been told needs rentals for a shorter term but pays very well to house staff that they bring in from out of town to work for them during high season.

I have heard as much as 30%-50% year 1 depreciation post cost set study for MF.  

I would like to know what to expect and I would like to be able to set my future client's expectations when they are ready to make the switch.