OC Condo for long-term rental?

[Brian C.]

Hi everyone, 

Would appreciate any insights. I currently live and rent in Costa Mesa. I think for work related purposes the potential for relocation is high in the next 1-3 years, but having lived in SoCal for 7+ years I always want to have a connection here. 

My thought is to buy a condo 2/2 in the low 3's obviously live there and rent if I do relocate. If I break even on expenses and build equity that would be a win for me. Was thinking in the Costa Mesa / Santa Area. 

A little about me - relatively high income with access to FHA and VA lending, but modest on cash due to grad school. Can do my own sweat equity!

Question 1 - Given this wouldn't be beach vacation rental any experience on short-term demand? Or would I have to just do standard long-term. Obviously, short gives me flexibility to work from home?

Question 2 - Any thoughts on the approach. I could afford higher, but rather save some cash / debt capacity for less expensive markets.  

Question 3 - Any market considerations I should know about?

Thank you,

Brian