It is in an enclosed gate area that can only be opened from inside the fence so I'm leaning away from using it as storage space while I have other guests staying there.

We don't allow anyone to stay even a day late. 

Second since I am a property owner myself and also own a PM company I try to look at it from different angles.If the tenant wants things fixed it many times means that they plan to stay in the property and since they are picky they tend to take care of the home more.

I wouldn't necessarily put a lot of efforts into improving/building/spending in hopes of staying booked solid, but it is a nice 'side hustle' for a pretty piece of land to bring in some extra income while it sits. 

I think paying off a loan with a high interest rate debt and adding to the principal is one way to stay liquid within the property. 

If you want to make it easier, look for one where it's all direct replacement meaning the water and gas and appliances are staying in the same place - less permits and less cost.

Typically those are shorter stays as they are doing something for a couple months vs staying for the entire semester or year.

On the tax side, I would encourage you to partner with a knowledgeable real estate CPA who can guide you through the transaction to ensure you can meet the qualifications of the STR loophole.

And stay with it. 

That Investor-Realtor will guide you through the process of getting your first house hack closed.All the best.