I guess I could do some work-arounds -- maybe reserve one unit in the first purchase for use as an AirBnb, and reserve my own time in it when needed - instead of claiming it as a primary.Are either of you (or anyone) familiar with a finance product/loan that will allow me to purchase under $150,000 (w/ strong credit) and do much of my own work and live-in a portion as a primary residence?  

A good way into it may be doing a house hack or live and flip then pulling the equity out in a refinance.Tons of ways to make money in this game!

This family member does not live in the condo and it's valued upwards of 1M.

Hey DenisI have commented a lot about arbitrage in a general sense here, however I believe I am uniquely qualified to answer here as I live and operate about 65 units in this specific market.In 2016 I got my STR start arbitraging a Gulf Front mansion that was in foreclosure and I got a great deal on. 

There is a perfect recipe brewing where inventory is at an all time low, with interest rates significantly higher than we're use to, capitalized by the insane economic struggles that are going on in our every day lives.... 

If that were the case, I would sell my house and live in a tent because it's less expensive. 

If they're evaluating other properties and you have a good social presence that gives them peace of mind and a good sense that they'll have a nice living experience, that could be the tipping point if they're considering a similar property. 

You do not have to live in the home in order to do that!

Where you live in relation to the investment property shouldn't matter.

I live in Kansas.