anything else I should consider? 

Now you are both making money and he gets practice managing the work load. another thing to consider- why force the situation?

Use customized leases with state-specific templates and consult a lawyer for complex issues.

They can provide guidance tailored to your specific situation and help you navigate any state-specific requirements.If you're considering investments in other states, like Arizona or Texas, it's worth noting that some states, such as Texas, don't have a state income tax, which can simplify the process. 

So far, it's been an effective strategy, and I've gotten some really good returns utilizing it.I think more property managers should consider it.

Quote from @Justin Hammerle: @Thomas Lebens - if this is your first property and you plan to occupy why not consider an FHA?   

@Maynhia Stott  Baltimore has considered dropping to 12%.

If you have time to secure this loan through a bank, I would strongly consider it. 

If you do not have the capital then you should consider partnering (Joint Venture or Syndication) with someone who does.

The property sits on 5 acres, and after a successful first year with cash flow, I’m exploring ways to expand.Initially, I considered building another home on the property to use as a second STR.