Arizona is a better option but both of them are volatile, as we saw in the last crash.

I have thought of hiring a PM, it's just that being new to Airbnb/STR space I have concerns about the volatility in occupancy rates and the unpredictability and seasonality of STR income.

Buy high just to crash in a volatile market, to one day get past your starting point.. 

My cash in the stock market will yield 8% if I'm lucky and keep it in untouched long enough to ride out volatility.

I agree that Holdfolio may have less liquidity than a publicly traded REIT, however the upside includes more investment transparency, higher returns, no exposure to the stock market volatility, and better tax benefits (with Holdfolio you are an actual owner in real estate, so you get all of the tax benefits including depreciation write off. 

The more leverage, the higher the potential returns and the faster you can grow your portfolio, but that comes with added risk and volatility.

Hedge funds are far more volatile.

But, as I'm sure you know, market volatility is fine early in a person's career.

Investing in dividend stocks offers several advantages, including:Passive Income: Dividend stocks generate a consistent stream of passive income, providing regular payouts to shareholders.Diversification: Dividend stocks can be easily diversified across different industries and sectors, mitigating overall portfolio risk.Tax Advantages: Dividend payments are often eligible for favorable tax treatment, enhancing overall returns.Potential for Capital Appreciation: Dividend stocks may also experience capital appreciation, leading to additional gains over time.However, dividend stocks also carry certain drawbacks:Fluctuating Dividends: Dividend payments can vary or even be suspended depending on company performance.Market Volatility: Dividend stocks are subject to market fluctuations, meaning their value can rise or fall significantly.Limited Control: Shareholders have limited control over company operations and dividend decisions.Single-Family Rentals: Building Equity and Cash FlowSingle-family rental properties offer a distinct investment approach, providing a tangible asset and potential rental income.

Rent is less volatile and you get a chance to help some people who are really in need.