Just used the builders standard financer with the intent to use the home as my primary residence.

It was a standard local realtor and lender deal for a first time home using an FHA loan.

As others have mentioned you can take a different kind of loan out vs the property and then pay that off with standard refi.

I could also understand one OR the other.

Better to lose nearly $10k in rent (~50% of 90 day rent value) than get a risky tenant.Especially if you self manage, make sure you understand the protections provided mid term renters in CA.Good luck

I have a basic understanding of how the process works.

AirDNA + a deep dive just looking at the market via the booking platforms to understand the nuances of what drives price 

Based on the policy, I understand that. 

Understand their fees, bid process, termination requirements, markups for work done, how they confirm fair bidding (especially if they have on-staff handyman).I would talk to the actual tenant in place to understand what their experience is with both property and management team.I would drive the area to understand how your property compares to others on the street/in the neighborhood.I would talk to other management companies and realtors to understand their understanding of the market, rent levels, etc.Basically, full due diligence and underwriting of the property.

This will need a lot of work and improvements to get it back up to standard, but it's not impossible.