Cost to build is $350K (I am managing it all myself and calling in favors around the city to get low rates on materials and labor).

The title company will handle clearing the title but won’t manage personal agreements.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Build a strong team, including agents, lenders, and property managers, and use tools like the BiggerPockets calculator to analyze deals.

She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

Not sure if you have a single STR or manage a portfolio, but I’m only managing one STR right now, and wondering how to set up that kind of payment?

By house hacking, you're immediately positioned as a landlord, which will adequately pressure you to learn how to structure your leases, screen applications, collect rental payments, resolve the nuances of managing tenants and addressing property issues, etc.

I currently work for a property management company also located in the Midwest so please reach out if you have any questions!

I recommend doing a deep dive in the STR rabbit hole and seeing if not just the numbers make sense, but also the time it will take up for you or your STR manager.

Ease of management?