This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

It would be his primary residence so most likely a duplex or triplex house hack. 

Another key benefit is diversification; an SDIRA allows you to include real estate in your portfolio, reducing risk by spreading your investments across different asset types, which isn’t possible with a standard IRA.Moreover, assets in an SDIRA often enjoy protection from creditors, adding a layer of security to your investments.

He currently travels often for work and resides in TN. 

I've also heard of requirements to own for at least one year before you can use the home as a STR.Hawaii is a leftist state that doesn't protect private property rights.

So everything hinges on appreciation, which could come back with inflation.Primary residences are often not good rental assets.

I'm not sure how to protect my value add strategy if in partnership and would prefer to outright own.

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

If no one but owner-occupants can STR... then that should mean opportunity for owner-occupants who STR their primary residences in many jurisdictions.- Large remodels or construction projects (Live in Flip) can be self-managed, worked on directly, and the value add, after 2 years, is largely tax free up to certain limits. - Many areas around the country allow for ADU Construction - house-hackers enjoy similar benefits to remodeling projects by being naturally on-site for ADU construction. 

Investment Info:Single-family residence other investment.