The acquisition price, the renovation cost, the projected ARV, the impact of the days on the market on the profit........   

DR Horton the average is 122 days in our market. 

., rent it out for on average less than 7 days per a stay) and could definitely demonstrate material participation (e.g., designing/developing ADU, furnishing it etc.)

Do you need a kick to get going every day or do you jump out of bed and get busy.   

Payroll paid weekly, utilities monthly, meat/produce 3 day. 

There are industry standards for this but that’s a post for another day. 

For any reservation over 30 days you really need to have a state-specific lease in place to establish the lease terms and protect you from a potential squatter situation.

When the cat leaves, the mice will play"As an out of state investor, the mice are always playing.It takes years and years to develop trustworthy relationships with feet on the ground.Even then, you will loose money just like we do to this day in Toledo to shady contractors, etc...And we have a whole team of people on the ground including myself and my co-founder.Granted, if you do it right you can find amazingly cheap deals, renovate and have immediate equity plus jaw dropping cashflow.I would advise moving to the market you are considering and getting your hands dirty for a few years.Easier said than done but if I moved from Sydney, Australia to Toledo, Ohio.Anyone can do the same lolWishing you much success

If you have four 2-bed/1-bath units with the same appliances, split it four ways and call it a day.

Knowing construction/remodeling, local codes, contractor licensing laws, state laws, project management, tax codes/laws, understanding market conditions and having a healthy amount of liquidity are but a few.Flipping is a business and subsequently requires one to be business savvy, especially in California.