The no appreciation piece is critical, that doesn't sound promising but this would be a longer term play 5 year occupy, and then full investment rental.

The most critical part of the operation is finding good tenants.I currently self-manage my own property as an out-of-state investor in Arizona so I have some experience.

Know how to take constructive criticism.

That has long been a criticism of this structure, but this can help boost returns. 

Thank you so much for your constructive criticism.

I would ask that you try to represent my position fairly before criticizing it. 

The parties experience, strengths and availability are critical to ensuring  the partners duties and responsibilities are compatible and capabilities are sufficient to execute on the business.

In addition, being on a hillside in SoCal, it is critical to determine the makeup of the hillside sub-surface conditions as this will make the difference between a 150k foundation and a 500k foundation.

Numerous costs are associated with real estate transactions, so it's critical to have a clear picture of your financial status.Due to the constant nature of the real estate sector, it is imperative to remain up to date on new tactics, market trends, and industry developments.

Success requires excellent hospitality and marketing skills to maintain high occupancy and nightly rates.Achieving a monthly income of $7,000 requires a mix of strategic investment, reinvestment of earnings, and perhaps most critically, time.