General Advice / Strategy - LTR vs. STR

[Malone Jarvis]

Hi all!

Long time listener of the great content BiggerPockets produces.  First time posting on the forum as I would greatly appreciate some insight and considerations for my game plan for 2022 and onward.

Background: I currently work in mortgage and have the benefit of understanding this side of the process.  Purchased my primary residence in 2021 and now would like to target in on the next goal for the end of 2022 or early 2023.  

Trouble deciding on what might make the most sense and the pros/cons to be on the lookout for each of these:

- Long term rental? Could provide more viable options than a STR and if it were to work out properly, I could also target the surrounding area of my primary residence so I can self manage. Another benefit I see with this option is that I live in Charlotte, NC which is a rapidly growing city with good room to expand outwards still. Familiarity is also enticing but of course would consider out of state options. Cons?

- STR? I do travel a bit for work and could consider a STR in the Gulf area. My concern with this is the variability of bookings, potential extra headaches due to the turnover and the fact that I would not be located anywhere close to the property. Potential upside of better cashflow and I could also get immediate use out of it.

I'm leaning more towards LTR for the first purchase, however, there is a mixed-use potential benefit of a STR (depending where) as well. First time getting into the landlord business - what was your experience between LTR and STR?