I believe depreciation on that unit that you were living in starts at that point as well.just bringing this up because it was mentioned in another post where someone was house hacking.

But I do have some family in Canada that have told me there has been some tax increases to the STR owners to try combat housing issues.

It's the concept of buying the debt attached to the mortgage rather than buying the house. 

Now, are you planning to house-hack and live in one unit, or going full rental?

You can't uphold your fiduciary duties while wholesaling a house.

Divorce - its easier if the house is in the divorce decree otherwise you need to play mediator between parties to come to an agreement. 

For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years.

And your money is Trapped inside your house. 

Quote from @Andrea Lucarelli: I’m interested in beginning my REI career with purchasing a SFH or condo in Cleveland area (safe neighborhood) to list as a furnished rental for travel medical professionals, supply corporate housing needs, or house temporarily displaced families for insurance companies.  

Additionally, I would suggest you run some financial calculations such as cash on cash return as well as any appreciation from the asset if/when you sell.