Should I buy a home or STR property first?

[David Martin]

Hello! 

My wife and I currently live in an apartment, would like to move into a home within the next year, and would also like to start investing in some STR properties. Is there a clear answer of which one we should do first?
I know most people would likely recommend house hacking and then getting a STR afterwards through a cash out refinance or just built up savings, but I'd also love to know about strategies that don't involve house hacking. 
Our rent is relatively cheap, and given that interest rates are still rising it seems like getting an STR in the next few months could make sense if it cash flows well and can then help us get a family home. 

There's probably no right answer, but any thoughts are greatly appreciated!

[Marshall Leipprandt]

@David Martin Why not try to do both? Look for a property that can be used as an STR but also has a space that you can live in. I've been looking for these same types of properties for my wife and myself.

Some options includes small multifamily properties (2-4 units), homes with a mother-in-law suite, separate guesthouse, casita, or even a space that can be converted into a small apartment like a garage since STR guests probably don't need garage parking anyway.

This is the best of both worlds as you're taking advantage of the higher rental rates of an STR but also able to lower your living expense. Additionally, you'll be able to maintain the property and even do the cleanings yourself if you chose to. Realistically, these types of properties are rare so you may have to be creative in your search. Filter by keywords to try and get some matches and tweak your search criteria from there for best results.