Quote from @Michael Baum: Hey @Sushil Gupta, important statementCity No Longer Accepting Applications for Non-Hosted STRs:To apply for a Hosted STR, the property owner must live and sleep on the property, and the property must be the owner’s principal residence (where the owner resides for more than one-half of the year)So unless you plan to live in the place you are short term renting, Santa Rosa is a no go.https://www.srcity.org/3625/Short-Term-Vacation-Rentals one might try Guerneville or Monte Rio  area that is geared towards tourists..

It currently has one very nice manufactured home on it.My plan is to subdivide the land to create somewhere between 14-20 parcels.

I'm planning on SFHs near my own home, so here's what I'm thinking (but please correct me if I've got it wrong or you want to discuss pros and cons)Electricity - tenant Water - ? 

That said, there are strategies to minimize the tax impact depending on your timing and future plans.

.- Plans can change.

Get professional pictures taken, advertise Zillow or Apartments.com, schedule showings, conduct good interviews without violating fair housing laws, run background checks, CCAP and sex offender registry, pull credit, decline everyone you don't want without breaking the law again, sign a lease, rules and regulations, smoke and carbonmonoxide detector notices, lead disclosure if applicable, pet agreement if needed, make sure you comply with local state and municipal law, set up a payment system and have a plan for maintenance calls. 

This sort of is a property very common to my local area, actually looks a little better than most, but I'm not planning to pursue this one as there are currently better prospects on my radar.

I wouldn't expect calling either of these numbers to get any results, so plan to drive there and post a 3-day notice. 

I'm planning to use an equity model where investors receive preferred returns and a share of equity.My priority is building a transparent, SEC-compliant brand—but attorney fees for PPMs and other docs are steep.If you've structured similar small MFH deals, how did you handle the legal side (PPM, Operating Agreement, etc.) without breaking the bank?

But you should know that, in today’s shifting market, more homeowners are deciding that’s just not worth the risk.According to the latest data from the National Association of Realtors (NAR), the number of homeowners selling without an agent has hit an all-time low (see graph below):And for the small number of homeowners who do decide to sell on their own, data shows they’re still not confident they’re making a good choice.A recent survey finds three out of every four homeowners who don’t plan to use an agent have doubts about whether that’s actually the right decision.And here’s why.