But its also tough, because a 5 or 10 year timespan is basically 100% of your adult life so far, which makes it harder to have this kind of patience.

I feel like this question has probably been asked/answered on here but I can't for the life of me figure out how to search the forums so I guess I'll just make a post myself!

In your situation, it sounds like the primary focus for you is more a quality of life play (reducing your commute time), and the STR may allow you to break even cash flow wise? 

I would think they would.I was just thinking after seeing someone one the news who had their life savings in Florida STR's.I think it is important to diversity and not have all income producing properties in one place especially when it is prone to a certain type of potential destructive weather. 

I was comfortable and content living the life I had created.

Here's a real life example of what Austin said above. 

But you'll also want to see how depreciation can be used later in life to offset things like Required minimum distributions. 

I have lived in Memphis all my life but do not know if this is the market I want to pursue.

If this is your first investment altogether, I'd opt for a more traditional, simpler purchase. 

-CJ Johnson Life House Design and Construction San Diego, CA