Seeking Advice: STR or Long Term Rental

[Kaeli Wood]

Hey everyone, we moved to a HOC area (North San Diego county) where it seems the deals are few and far between. I've been an Airbnb host for the past 5+ years in UT and CT and the cashflow seems really appealing in this area. We have 100k in a taxable brokerage account, but I'd rather have a good amount of that in real estate for tax reasons and ROI. If you were in my shoes, would you rather have a more hands-on, higher price point STR close to home, or 1-2 property managed long term rentals somewhere cheaper? And should we wait for the market to cool down maybe in the winter, if interest rates go up, or jump in as soon as we find a good deal now?

A little background - my husband and I are both graphic designers. He has a W-2 job and I do freelance because I stay home to raise our 3 young kids. I'm considering getting my real estate license to save on commissions on investment properties. We’re on our 3rd live in flip and hoping to stay here for the next 5+ years.

Thanks in advance!