Less risk because a house that is paid for cannot possibly be foreclosed on.

I know this may sound simple and unorthodox, but I think you should try to BRRRR as much as possible.

What started off as primarily a second home with the possibility of short term leasing quickly flipped to a STR first and a second home when not rented because demand is so strong right now for STR's in this area. 

Does not need to be perfectly soundproof but if it as bad as you allude to then you need to deal with it as soon as possible.

As soon as possible after receiving a booking, I personally call the Guest and thank them for booking with us, ask if they have any questions and ask if there is anything that we can do in advance to prepare for their stay.Guess I'm just old school.....But then again, 11 years and only 5 STAR reviews......

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

Due to the current interest rates, you probably can't live for free, but you can definitely learn how to house hack in that first year, reduced your personal housing costs, learn the rent by room/co-living strategy on-site, and then probably break-even after move out, but most importantly, it is possible to make that work in 2025 with today's rates.It just takes being open-minded and willing to be flexible for the 1st year.  

If we sell, we will have between $150-200k to play with.

Cash flow is possible if you are flexible.

I’m just getting started and looking to soak up as much knowledge as possible—whether it’s about finding good deals, managing renovations, or understanding the financial side of things.