Pay periods are sometimes non standard.

Deposit to HoldAfter approval, if tenant will not be taking occupancy within 24 hours, a non-refundable Deposit to Hold in the amount equal to one month’s rent will be required within 24 hours to hold the property until a mutually agreed upon move-in date.

@Ari Dehbone here are the areas in SoCal that allow for Non-Owner Occupied short-term rentals (NOO STRs for short):Palm Springs: 36 total stays/yrFullerton (near Disney Land)Laguna Beach (non-residential zones)Huntington Beach (Sunset Beach area as long as you apply before 3/1/22)Santa Barbara: Inland (NOO in commercial zones and STR-Coastal Zone Historic Overlay Zone), Coastal (NOO unregulated, but court ruling allows for it)Joshua TreeMalibuBig Bear Lake (92315 zip code)Newport Beach (R-1.5, R-2 or RM Zones)You'll have to do your research on specific properties for cap rates and cash flow, but these are the areas I would look in.

Below are some CA markets that allow for non-owner occupied STRs:- Monterey- Palm Springs- Fullerton (near Disney Land)- Sonoma County- Huntington Beach- Santa Barbara- Joshua Tree- Malibu- Big Bear Lake- Newport BeachGranted, you'll have to do research on Rabbu and Airdna to find the best spots for cash flow, but they certainly exist.

Being a broker in this space, the lenders offering 30 year terms (true 30) are non-bank, non-depository, usually backed by some type of hedge/debt fund or other type of institution. 

I wish life worked that way....Costs you need to understand from your servicer are boarding fees, servicing costs. if there are extra costs for tax and insurance escrows, if their costs change if the loan becomes non performing, how much $$$ to send a notice of default for non performing notes, and how late fees are handled (I have seen some keep all late fees, some split them 50/50).To calculate yields I use the 10bii app.  

With a non paying tenant on the property you will get a whole lot less than you think.

As @Braden Smith said there is legislation everywhere, and lawsuits, over non-compliant spam texting.

There are banks that issue their own loans that are non conforming, but the interest rate will be higher.

Could they be so dumb as to count every non-owner occupant?