Not impossible but it would be pretty tough to get an STR property approved unless you are an owner occupant.

@Paul Bogard going to assume you are buying this proeprty to live in while you "house hack".First, you should understand +95% of real estate agents ONLY know how to sell owner-occupied properties and are almost useless for investors:(Find an agent that has rental properties themself or can PROVE they've got successful repeat investor clients.Secondly, you can greatly improve your cashflow by renting out your other bedrooms.

You would have to create an HOA to manage the common area and keep control of that or create a self-managing HOA for the four owners to manage together.

If you’re a business owner with no employees or only part-time employees working less than 1,000 hours per year, you could set up a solo 401(k) and contribute up to $69,000, which includes both employee and employer contributions.

For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

Same owners, same management (self managed), both STRs.

I'll be an owner-occupied landlord with a long-term tenant next door. 

@Tom CarmodyI would recommend getting in touch with owners in the particular hotel you’re wanting to buy in and ask them how they like it and how much they are really making & any issues with the hotel.

Ask to speak with some of their current owners and current/former tenants.

To stretch your $35,000, consider a FHA Loan (3.5% down) or owner financing.