Should I STR or Long Term House Hack?

[Felix Sharpe]

I just went under contract yesterday on my first property.

I am very excited. 

It’s a duplex located near the University of Louisville and walking distance from Churchill Downs, home of the Kentucky Derby. I had originally thought that I would simply house hack the “traditional” way. But wondering what others thoughts are about house hacking via short term rental? The property will be undergoing a total renovation with a 203k loan. So interested in hearing other’s thoughts. 

Thanks!