It seems in order of increasing profitability:LTR < MTR < STRGiven that I'm based in the Denver metro area, unless I'm occupying the property as my primary residence, STR is out the question, as Denver has cracked down on the short tern rental laws.

I realize that, if true,  this is governed by state law rather than federal statutes, and therefore there will be fifty different answers. 

Aside from the obvious dangers, I’m seeking best practices and how experienced investors  in this area handle hurricane damage?

Frankly, these practices are detrimental to our industry.

You could also draft your own based on the law, see RCW 59.18.365. 

Be safe, know the law, stay legal.

Practically every deal in Columbus follows this rule, so you won't need to do much due diligence.

Would love to learn more about some best budgeting practices to account of these two costs ?

Duplexes can be a fantastic way to generate cash flow-just watch zoning laws, hire reliable contractors, and stay updated on rental trends.

My sister in law is publishing books for children telling illustrated stories based in Hawaii.