Prices falling while all variability remaining the same (no recession) would indicate a short term correction which historically results in a roughly 10-25% drop in prices. 

I think it all depends on your comfort level and how much you actually want to be physically present.  

Because I plan to hold for at least 5 years, I’m comfortable with 15% or more equity in my current markets, so I generally will do a 80% or even 85% LTV on the cash out refi.Hope this helps. 

It’s just the amount I am comfortable putting down is not enough to cover 20% of most properties while still retaining enough for an emergency fund.

Meanwhile, your down payment is 3.7% of the total purchase price, indicating you'll be looking for an FHA loan. 

A lot of these southern beach & mountain towns have been supporting STR for 75+ years, long before Airbnb was a thing, so they’re very comfortable with it and it’s a built-in part of the community.A lot of Northern places are FREAKING OUT over STRs & STR regulations & they don’t seem to be very supportive of it.

Many out of state markets cash flow but it all depends on your comfort level as to which one is best for you, there are big differences from SoCal in some of them.

After two or time l would send them a letter indicating a pattern of maintanace calls for plugged drains and that they would be billed if it's the same problem over and over.

All of the processes afterwards I'm very comfortable with (just need to get them in place for when the time comes) - market knowledge is where I have some ground to make up!

For the fist time I feel like I have the knowledge to be comfortable and confident in taking action, and I have a better understating in all the investing perks of real estate, it’s only made me more hungry to do this.