In addition to what others have said, keep in mind that New York City, San Francisco, Los Angeles, and other big league cities have the scale and mass to absorb tens of millions of dollars in investment without going "tilt."

I have enough capital and am investing in lower priced homes to be able to absorb any mistakes I make along the way. 

I love Never Split the Difference and am currently re-reading it because there's just so much value that it's impossible to absorb everything in one go.

Take in and absorb as much information, but more importantly take action on it.

I'm here to connect, share, and absorb as much knowledge as possible.

Fortunately, we are in position that we can indefinitely absorb the reduced income that our STRs are producing.Good luck

While living there and renting out the other units you will learn more than you can read in any book or absorb from any podcast. 

It's great that you've been absorbing so much knowledge and are taking a strategic approach to getting started.

Philadelphia happens to be better positioned than most to absorb life science assets because of the local human capital but look at all of the developments stalled or failing to break ground in University City because the developers can't obtain tenant commitments.

Plus it would have to be a banger of a property for me to have that kind of confidence in it going the distance through all the market cycles, regulation changes, OTA market shifts etc at which point I may as well buy it.Which circles back to my original point- if I am not owning and benefiting from the appreciation, why should I absorb so much risk and upfront capital if instead I can find an underperforming property with potential, take a guaranteed return off the top and invest almost no money on my side?