Ideally I'd be able to find a buyer that wants to do STR but that's not guaranteed by any means. 3) Cashflow will probably be only $1,000/mo.

Ideally, you can save more and use cash for the down payment.

Something like a roku/firestick/smart TV without having to use my own account and risk renters buying movies etc.

Here's an example of why I'm not a big fan of investing in Cali anymore--> "Justice for Renters Act" Not exactly ideal for landlords, imo. 

I know this is true because I speak with professional investors and brokers  every day virtually every broker and investor I deal with does not know how to do the math the so that you can double your investment capital every 1 to 2 years.

Our relationship with them is not ideal, we have already had to serve them a cure or quit notice earlier in their lease term (approx. 1-2 months after moving in) due to multiple, egregious lease violations, however because they “cured” the violations could not proceed with evictions.

An ARM product can be a great way to save now, but if you are not planning on living in the property beyond 1 or 2 years, it may not be ideal. 

This will help you identify what market will have the most ideal factors for what you're trying to achieve with real estate. 

It seems like it should not be legal, in effect taking something without any LL compensation (freedom to use unit for whatever LL desires at the end of lease).Besides my primary issue that the law changes an existing contract, it also makes it harder to get rid of less than ideal tenants that raises risks and costs.  

This was the ideal value add situation, where I didn't have to change much on the layout.. mostly just design.