When a developer can't obtain subsidies for their affordable housing projects, do they just wait until the next round of subsidies availability? 

I believe in putting in the work—1,000 hours of research, testing, and learning—before offering advice, and I’m excited to tap into the collective wisdom of this community to refine my approach.Here’s where my head is at: I’m considering strategies like short-term rentals (Airbnb) for higher cash flow, long-term rentals for steady income, or even creative options like house hacking or partnerships to stretch the funds further.

I live in SW Montana where there is a strong STR market and am considering buying a lot locally (2.5 acre overlooking the river/valley/mountains) where I could set up 2-4 Tipi's and rent portable bathroom/washing station for the lot.

Do you own your own house? 

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The key for me wasn't to invest in the 'best place' but to know a market so well that a deal jumps off the page when it appears.

It has two units, but the house is only a legal one family, looking to possibly purchase it and live in one of the units and rent out the other, one as a Airbnb or just as a regular rental would need to get some kind of financing to make this purchase by being only a legal one family a conventional mortgage I think would be out of the question.

There are tons of qualified applicants out there looking for housing these days.

you get your current house rented, and your 3 units paying for your 4th ideally.  

The quick answer is no, but best to read this article as various states have certain requirements: https://www.zillow.com/learn/do-i-need-an-agent-to-sell-my-house/