I had looked into cash-out refi-ing before, but ran into the ~548k maximum loan as a blocker (which in hindsight is puzzling, because it looks like the LA county jumbo loan threshold is ~822k)BONUS: What would you do in my shoes?

It's only a very small piece of the puzzle when it comes to analyzing a potential STR buy.

There are so many pieces to the property management puzzle that it can be overwhelming.

Your sister should use this as a learning opportunity and ask other agents / her broker to help her through this puzzle. 

I appreciate your perspectives/guidance; very helpful.Fyi, the thing I’ve always found puzzling is how some markets can have rent that is so expensive in relation to a monthly mortgage payment.  

Having reserves is also a huge piece of the puzzle that isn’t talked about often.

It seems like PM is such an important piece of the puzzle.

First piece of my puzzle is the legal counsel.

A quality agent can make the transactions mesh together much easier and it will be a better sign for the Seller and Listing Agent on whatever home you want to buy.The bigger piece of the puzzle is making sure that financing is not an issue and that you can qualify for both payments and that your DTI's are in range.

Seriously, this is the most important piece of the puzzle.