Just curious, what did you end up purchasing after and why?

- You can buy using FHA 203(k) loan which allows you to finance repairs into the purchase mortgage.If you find you like being a landlord, you can BRRRR a property every year.You can also start BRRRing rentals w/o planning to live in them.

Very few non-owner occupied property policies guarantee full replacement cost - they typically provide replacement cost up to the dwelling limit purchased. 

To add to @Ashish Acharya, I would recommend using your retirement funds for notes that earn a nice interest rate, if you're into self directing.Given that you want to purchase a short term rental, I'd highly recommend not doing this within an IRA/401k. 

I recently purchased my first duplex in Peoria, AZ in September and I am using it as a house hack where I rent out one side and live in the other.

Purchase price: $376,613 Moved to Orange Park, Florida, from Delaware three years ago, choosing this home as the perfect place to settle and grow.

Quote from @Anthony Maffei: I purchased a two-family property in 2017 and now have around $500K in positive equity.

To me a house hack will most likely work in Tulsa - I haven't done any research on that area, but as far as I know it's not a crazy market like places in California etc.Also read a lot, get some books from your local library or purchase some online.

These areas not only offer reasonable purchase prices for most investors but also feature turnkey homes—either newly built or fully renovated, ready for tenants, with systems that still have 10+ years of life remaining, and property management teams in place.

I purchase my personal investments to maximize their equity and hold long term.