Young college student looking to buy their first property for Airbnb or Rental

[Gabi NA]

Hi, I am a 20 year old college student looking to buy properties with the goal of either turning them into Airbnb short-term rentals or long-term rental properties. I'm pretty new to the game and would love to get some advice from more experienced investors here!

A few things I'm trying to figure out:

1. First-Year Living Requirement: I've heard some places require you to live in the property for the first year before renting it out. Is this something I need to worry about? I'm not sure if this is a local thing or if it's common in all markets. How do I know if this applies to the areas I'm looking at?
2. Airbnb vs. Long-Term Rentals: What do you think is a better strategy for someone just starting out—focusing on Airbnb (short-term rentals) or traditional long-term rentals? 
3. Rental Arbitrage: Is rental arbitrage still a viable strategy in today's market, or has it become oversaturated? I’ve heard mixed things about it, and I’m wondering if it’s worth considering as a young investor without a lot of capital to start with. Has anyone had success with rental arbitrage recently?

I’m open to any advice, personal experiences, or recommendations for someone at the beginning of their real estate journey! Thanks so much in advance!

Hi, I am currently living in south Florida and was wondering what are some good areas to look for condos or townhomes to rent or do Airbnb. 

[Chris Rich]

Quote from @Gabi NA:

Hi, I am a 20 year old college student looking to buy properties with the goal of either turning them into Airbnb short-term rentals or long-term rental properties. I'm pretty new to the game and would love to get some advice from more experienced investors here!

A few things I'm trying to figure out:

1. First-Year Living Requirement: I've heard some places require you to live in the property for the first year before renting it out. Is this something I need to worry about? I'm not sure if this is a local thing or if it's common in all markets. How do I know if this applies to the areas I'm looking at?
2. Airbnb vs. Long-Term Rentals: What do you think is a better strategy for someone just starting out—focusing on Airbnb (short-term rentals) or traditional long-term rentals? 
3. Rental Arbitrage: Is rental arbitrage still a viable strategy in today's market, or has it become oversaturated? I’ve heard mixed things about it, and I’m wondering if it’s worth considering as a young investor without a lot of capital to start with. Has anyone had success with rental arbitrage recently?

I’m open to any advice, personal experiences, or recommendations for someone at the beginning of their real estate journey! Thanks so much in advance!

Hi, I am currently living in south Florida and was wondering what are some good areas to look for condos or townhomes to rent or do Airbnb. 

If I was you I would house hack. Buy a 3/2 (if possible), live in the master, rent out the other 2 rooms to friends. Renting an individual room is all but guaranteed to be cheaper than them renting a 1/1 apartment alone. This will lower your monthly living expenses while your tenants help pay down the mortgage and the house appreciates. Then in a few years you can find a 3rd tenant for the master, pull out equity, buy a new house, rinse and repeat. A friend from college did that starting in 2008. With a little help from the market and appreciation, his portfolio got up to 12 SFRs. Last year he sold most of the SFRs and bought a multi-family. He's retired at 35 and all he does his run his units.