I really can say that everything needs to be perfectly handled without any room for error.However, you do not need to go and study all aspects of Dodd/Frank, Safe Act, Senate Bill 43, the Property Code, the Finance Code, insurance law and all case law regarding wraps. 

When you pay cash for a $400,000 home and rent it out, your rate of return will likely be less than 6%.You could invest in stocks and earn 7% or better.You could put the money in a high-interest savings account and earn up to 5%.I don't understand why anyone would pay cash for real estate, erasing many benefits that increase the rate of return, while exposing themselves to the risk of loss (turnover costs, bad tenants, capex, etc.). 

I really wanted to pursue this not so much for the financial benefit but for the learning experience.

But for years I was just working hard without seeing any benefit and I had to keep going even though there was no light at the end of the tunnel.  

We're right next to CA but get the benefits of no state income tax, 4th lowest property taxes, much more friendly landlord/tenant laws, no serious weather, proximity to Lake Tahoe, stable job growth/population growth, etc. 

When investing with them you get almost no tax benefits and usually get crappy management. 

It's important to understand the zoning/code requirements and obtain all necessary permitting if you intend on operating your real estate as STR anywhere in the country.

Freddie has similar intricacies, but also does not require a two year history of receipt; https://guide.freddiemac.com/app/guide/section/5306.4If you can use the rental income to drive the DTI down so that you can reduce the down payment similar to that of the FHA product, the benefits of the conventional option will outweigh the FHA option, as I'm assuming you have a strong FICO based on rate quoted with no points.  

🌟 December 2024 Top ROI ZIP, 28262 🌟For the first time ever, only one zip code produced an ROI of 7% or higher!!

Side benefits or PM besides free time.