All strategies can be lucrative and all can be costly. 

not sure if PP cost money for BP members does it ?? 

For a conventional loan, you can borrow UP to what you paid for the property plus closing costs OR 75% of the appraised value which ever is less.  

-Opportunity cost: A 7% interest rate isn’t great, but if you think you can achieve returns higher than 7% by buying another cash-flowing property, paying off the mortgage might not be the best use of funds.Now, let’s explore saving to buy another property:Investing in a Second PropertyPros:-Diversifies your portfolio, reducing risk if your Palm Desert STR underperforms or faces challenges (e.g., stricter regulations or lower demand).

Once it's rented, use that rental income to help offset your DTI, which may help you qualify for the second property sooner.Partner with Investors: Team up with someone to split costs and lower your personal DTI impact.

Are there risks or hidden costs I might not be considering?

I would still need to subscribe to a streaming service for cable tv, so cost savings wouldnt be much (or a wash), but otherwise it seems like it might be a viable alternative?

More big name companies will join the STR industry and hosts who are not exceeding expectation will be weeded out by their money power.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

It normally doesn't cost you any money to open and to be able to access that large amount of equity to buy or stabalize your current portfolio allows you so much more opportunity costs.For instance, I took a $200K LOC out on my primary residence when I first started in real estate.