Great idea, but check your local regulations.

You also need to consider any STR regulations.

In the last few years, they've made illegal:-Rent controls of any kind-Limiting of fees or screening charges-The ability of HOAs to regulate STRs or LTRs in their neighborhoodThat's just the start.

I'm looking to buy a house in the St Pete market & have read zoning regulations, articles about STR (anything less than 30 days) and have discussed with my realtor.  

If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

Depreciation and other deductions aside, irr on our sfr have lagged the s&p all without collections, code compliance as well as escalating municipal rental regulations of permits and licenses.

I don’t believe any jurisdiction is getting more lax on STR regulation.

I’m not sure all of the regulations/rules to this in PA though.

The value add was recognizing what the current regulations could allow the land to be used for (basically recognizing current land use did not optimize the value).Good luck

As much as I hate government and regulation, this kind of BS is why we have it.