I am curious about this approach. I am still considered new to the investing game. I moved to Atlanta from Memphis TN about 5 years ago. I started out strong with real estate in Atlanta 4 years ago and did it for abou...

California has a lot of special rules that you probably want to look into a CPA who is based in California or at least very familiar with CA tax laws.After 4/17 you can try reaching out to @Logan Allec who is very knowledgeable about real estate and a regular contributor on Bigger Pockets.

I appreciate the support and feedback.

It is so important to understand the rules and pitfalls, it can be so expensive and time consuming to make an ignorant mistake and end up in court.

If there is already one registered in the location you are looking to purchase you may be out of luck. http://www.uppermichiganssource.com/content/news/New-short-term-rental-rules-passed-in-Marquette-421691693.htmlMARQUETTE, Mich.

Here's what it looks like:Purchase price = $300kRental income = 4 x 1bd/1ba @ $500 , 2 x 2bd/1ba @ $650 = $3300, seller thinks  1bd's can go up to $700 and market research supports that Taxes = $200/monthEstimated expenses = 1300/month (10% each for vacancy, CAPEX, and repairs and $200/month for insurance)NOI = $23k at lower rents, $33k at higher rentsCash flow = $500 at lower rents, $1300 at high rentsThe property is in a C neighborhood that is gentrifying.

Not sure what the forum rules are for emails or number, but you can hit me up on goldenstatesurf.com

However, you should read the rules to see what is required or speak with an attorney.

To have a site like bigger pockets and so much support from people like you is absolutely amazing!

Thank you so much for your kind words and support!