Make sure your personality matches your path.  

@Jason Weidmannit's only solid if:1) you pick a market that you can go to in person and build a team first, and 2) you recognize that RE is a long-term investment, and you may have to wait 5-10 years, or longer, before seeing ANY return. 

Yea this is a long-term personal play more than a strict STR deal. 

Personally I like the Section 8 program when the property is located in a super poor area with a ton of blight and crime.

This will allow you to remove the person and do the financing on your own.Home Equity Loan/Line of Credit: Since you're looking to access equity, a home equity loan or line of credit (HELOC) can be a good option.

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

I got a deal on labor as I know the contractor personally and helped out a bit with the project.

Personally, my primary residence has appreciated around 6% in market value and I live in Levittown. 

I personally started in my local real estate market in Columbus Ohio.

I would be fine with a $10k non-refundable retainer and $500/hr. personally.