As for the cabins themselves, do some serious research on regulations in the area (both building and short-term rental), their cost, time to complete, holding costs, realistic projected income, etc.  

We are trying to learn about the country's regulations about short term rentals but wanted to see if anyone has experience with this, we would love to get your insight.

Have you checked the local regulations to make sure it is allowed?

Hi Forest, I'm a hard money lender and because of regulation in California and Florida, we don't do private loans on anything owner-occupied.

Specifically what you are looking for will probably be in a table of some sort that will be titled "allowable uses" and/or "separately regulated uses".

I'm considering doing some investing using a SDIRA, but my business manager of over 20 years says he is "not a big fan as I've seen them attacked by the IRS on numerous occasions".  

I reviewed the NJ eviction regulations and it basically states that I can file an eviction immediately without notice for non-payment of rent. 

(This "short term rental" strategy is a little more hands-on, and volatile compared to renting your home for 12 month+ , but it can possibly produce more income compared to 12 month lease rates, especially in cities like Austin and in areas like Downtown).I know there are certain regulations for short term rentals passed in recent years in Austin so I would research that as well before going that route. 

You also have to meet a self-sufficiency test, which are strict regulations regarding what the property looks like and how you will pay for the property if not all units are occupied.

Spending the occasional $50-100 on a handyman is going to be peanuts compared to investing in the best possible market vs. settling for an adequate one just because it's closer to you.Re: condos - beware the HOAs, both the regulations and the fees!