I feel it's important to understand the laws of an area before you choose to invest there.

The areas you choose to invest in, are of course very important. 

You may not include income earned that is not on a tax return, an administrator or PHA may consider additional income in that household, a teenager may mow lawns or receive child support that may influence funds available to that household. 

If it's important to be near the Bay area then maybe consider the Tahoe Reno, NV market because it's only a few hours away if you need to go to the office and it offers a landlord friendly environment, low property taxes, and no state income tax.

For those owners or folks who are looking to purchase a Vacation Rental, what is the most important part of owning this investment for you? 

The rest of the documentation and underwriting will be based on the asset, but it’s important to remember that qualification isn’t 100% based on the property.

So, you signed up to double taxation of yourself, including the 15.6% self-employment tax. 

I do know that there are pockets of restrictions all along the lake, including banned areas, so you need to do your due diligence.

Everyone is flocking here, including other realtors who realize they missed the boat.

It's important to reassess the income for requalification.