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

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.

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. 

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.

I can also share some great resources and guides to get you started.Let me know what specifically you're looking to learn, and we can set up a time to talk.

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

Also these things cost money to sell - agent fees (5-6%), whatever your buyer is going to ask for at closing or try to hit you at during inspections (likely several thousand) plus taxes.

I usually use the FMRs for the area as a minimum rent, but if you can attract non-S8 tenants, that works too.Can you share any numbers on the opportunity: purchase price/door, any rehab costs, ARV? 

What else could that 30, 40, 50k+ downpayment/rehab cost etc do for you if it wasn't tied up in the property? 

Since you're using an FHA 203k loan and house hacking, focus on managing renovations efficiently to avoid delays and unexpected costs.