What’s a realistic IRR to expect on a long term rental in the current market?

With SB13 allowing bootlegged safe units and the likely extension to the 5 year window due to the shortage of units, I am unsure there is much risk in the near term.  

Dispose of all foodsources, for long term storage.

Investment Info:Single-family residence buy & hold investment.

It's a short term debt instrument and needs to be treated that way.

I have also considered short-term and mid-term rentals near the Cleveland Clinic but just waiting to find more homes available in that area. 

Somewhere where you can live or be in a short amount of time.

However, I discovered that Anaheim isn't allowing new short-term rentals and that the strict regulations in California make arbitrage nearly impossible.I then came across the assignment of contracts strategy and thought it could be a good way to generate income.

There are way better options in Florida where prices are dwindling and things are beginning to sit on the market, but the market still supports short-term or mid-term rentals.

Quote from @Neil Warren: Hard money loans are at higher-interest rates and for shorter terms, meaning you will pay them back quickly, usually in 12 months or less.You should not borrow 100% of the purchase price.