You are defintley on the right track in terms of your thought process.Just a point of clarification/semantics:Short Term Rental - Usually a nightly furnished rental with perhaps a 2-night or 7-night minimum stay. 

Even with all the news about affordability issues and renters leaving, vacancy rates stayed low across our entire portfolio.

Pat, I have been managing my properties for a long time and stayed away from management companies for the reason of them not being diligent and prompt with everything from leasing to maintenance, etc.

Some states have limits on how much you can collect, so it is worth double-checking California law or consulting a local attorney to stay compliant.It sounds like you have done a great job keeping tenants long-term.

Whether it be Taxes or property repairs, maintenance, capex, reserves are crucial to ensure your property stays afloat. 

The larger and/or more unique the stay the better you will do. 

Just looked at a new booking payout for future stay.

Before closing, our contractor, who was single and looking for a place to stay, agreed to move into the detached structure and live there for free while transforming it into a ADU.

Trying to keep expectations realistic and stay consistent.... even on the slow days.

Part of the deal is that the tenants will stay and their deposit will be transferred to me.