We are planning to purchase a home and convert it into a community living space for people in recovery.

U live a lifestyle not a job huge difference..

Hi Anthony, it sounds like you’re in a good position to start building your STR portfolio, especially with no debt, great credit, and rent-free living!

Quote from @Rou Odab: Hello everyone,We bought this house, and we're living in it and renovating it.

I live in Cullman.

The extra cost to do two separate loans will be worth it, especially if you do not want to be stuck with the loan for a long time. 

You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

I live in Lancaster, PA and it's a lot here that's very positive.Our market is historically pretty stable and hasn't been subject to sharp increases followed by sharp decreases in property values.

Living closer to work saves time and money.