@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

Could it attract squatters, or is it the right move for responsible property management?

Drunk guests would make me nervous.I also manage short term rentals, but don't do weddings.

In real estate, I don't change locks, screen tenants, evict tenants, inspect properties, or finance my deals - I have property management, property inspectors, and mortgage lenders that do this for me (outsourcing).

Is it Leasing, Property Management, Vendor Management, Operations, Finance, Accounting... 

Less risk as far as a debt note, that's true, but debt is not the only risk to be managed.

The Property Manager usually does light cleaning and repairs between tenants.Recommendations or another way to think about this? 

I am an accredited investor, looking to invest 50k to start since it’s my first one, and predominately interested in multifamily as my only previous experience is a rental I manage on Airbnb.

.- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

We manage a bunch of ADU’s and higher density new builds for investors in Raleigh and Durham.