Certainly not impossible, but the multifamily market (especially for larger properties) is pretty active and below-market purchases, while possible, don't happen as often as they might in the smaller property space.Pro tip:  If you still like the idea of purchase cap rate, use stabilized yield on cost instead. 

Great weather, people and food ;) Any idea about the market there?

Some items might hold more weight than others, but you guys should sort through that together.You also might just do the partnership deal by deal - sometimes jumping into a partnership before you have officially worked together is NOT the best idea...

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Denver and its surrounds have particularly active markets and a lot of active individuals offering ancillary services so I'd suggest you research those available services you're looking at offering to help you get an idea for what is well covered, what is lacking and what your competitor's pricing looks like.

I’m gonna have to stretch if I want to buy in Los Angeles again, but I still think it’s a better idea than not.

This will give you an idea of the Class of neighborhood.

I'd be happy to connect for more ideas!

That said, we have traveled a lot and stayed in wonderful Airbnbs over the years and have always dreamed of creating an incredible experience for someone visiting Minnesota with a short-term rental as well, so we are definitely open to that idea and have some great experience as to what we know would provide an exceptional short-term rental experience. 

Blood gets thick and the worst part is 10 years later there are new voices in their ears, telling them all kind of crap and filling it with all kinds of ideas.