My first STR, and plan on splitting between self use and renting to help offset costs. 

I have had investors pull equity from their homes in the phoenix area to buy cash flowing properties in Fayetteville and similar areas, because the price growth in the phoenix area generates amazing returns.It depends on if you want cashflow now or delayed gratification later.Keep in mind that when you do sell, there are costs to selling and depreciation recapture  and IRS taxes, which eat up most of your "equity" growth. 

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.

The streamlined approach minimized holding costs and maximized efficiency, proving the power of our strategy in identifying and executing quick-turn deals.

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

It is a small town, definitely a tertiary market right now, but that is where opportunity is going to be found.I think LTR, in the right location, can provide enough revenue annually to cover all holding and leverage costs while the resident pays down the principle and the demand in the city sustains slow and steady appreciation. 

Especially for the cost.

To offset costs, I’m planning to buy a duplex and pursue a house-hacking strategy:1.Rent out one unit as a long-term rental.2.Live in the other unit and rent out the bedrooms as short-term rentals (STRs) through a furnished rental approach.Before diving in, I have a couple of questions:1.Can I use a property for both short-term and long-term rentals?

You have to put 5% down vs 3.5% down, rates are usually higher, but if you have strong credit, your PMI cost can be cheaper than that of FHA loans.