@Zach Denny - I agree - chances are the institutional lender won't be comfortable with an owner-financed 2nd and 100% combined loan to value.

Then, over time, probably a few months, start to determine who you would feel comfortable doing a deal with.

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

- This ties into the previous question a bit, but we have around $70k that we could be comfortable deploying into this if we find the right deal. 

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.

When i was younger I used to help her with renovations on some of these properties.I asked her about 2 years ago why she never went multifamily and she said that she was afraid of stepping out of her comfort zone and wanted to stick with what she had known and done forever.

You can either bridge that gap by piling up more money or living with less comfort. 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Of course, all channels can work.. from seller financing to foreclosures.. but from my 30+ years in real estate, I’ve found focusing on cash flow analysis tends to pay off more reliably.So here’s the big question that might help steer your next steps.. what do you think would make landlording less stressful for you.. a property manager, or maybe a smaller property until you get more comfortable?