Do you all use a lock box?

There are many areas for STRs in SoCal I would just make sure two things when you get that partnership locked in you should have the location picked out and price point.

I'd recommend having a lawyer prepare the LOI.

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This implies if the LL takes one month to place a tenant and a couple hundred dollars doing the always tenant turnover items (for example we always change lock cylinders, shampoo carpets, chemically treat the drains, deoderize/disinfect including use of ozoner). 

You may have pushback or someone decide to leave so be prepared for the both financially and crew wise for a winter turn and lease.  

I gave them the ok to move until 2pm at December 1st with no penalty on their part, but made clear that could not extend any longer I will prepare this week an amendment stating this as well as any penalties for staying over the extending period.Thanks for all the great advice!

Be prepared to pay a lot more than you were paying for insurance.

currently HELOC rate is at 3.00%, down from 3.99% a month ago when the 6 month initial lock ended (i have over 9 years left on my draw period). now the rate is variable. the bank is hinting that the rate on the mortgage will be around 3.5% fixed. i don't qualify for traditional mortgage on my dti (but i do double my income with overtime and bonuses, and my wife will have a new income as well once we relocate) so our family friend is cosigning on the mortgage with me. the bank is writing it internally at 15yr with a choice between amortized or balloon. the building will need a new roof in about 5 years, and leaving $35k in the HELOC for that would keep me happy, so i'm willing to go up to $100k down payment if it makes sense. that would change my loan to $179k from $223,200, but also would tap any funds i might have for improving the property other than the roof, like fencing in the backyard and converting the third floor to its own unit. the new rubber roof would be more like $20-$25k but i like to be conservative. i have heard of people using their heloc to pay down their mortgage principal, which i could also do, but it seems to be a gimmick, and even if not may it be easier to just get a smaller loan amount to start?

I'm looking for solutions to a working but not ideal business model.I bought in cash a cheap, run down house in a desirable neighborhood and am preparing to rent it as a single family home.