@Marc Shin ask every guest that stays with you for a 5 star review after their stay.

I don't think being a long distance landlord is as easy as some tout but full disclosure I've stayed with 80 miles of my primary residences. 

Smart move. documentation is your best friend :)  Stay safe out there.

As far as benefit to the seller goes, @Matthew Paul I think you are probably right on the money and regardless of whether they would have preferred to stay in this house rather than move, it is likely providing them some excellent cash flow; and I'd be hard-pressed to come up with a deal that serves both parties better than the current situation. 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Quote from @Account Closed: Hello,A PM we have just hired wants a W9 and social security number from us.Two companies we hired previously didn’t ask for this.I am not comfortable with sharing my ss number around needlessly. 

Get out of your comfort zone.

If you’re comfortable with a bigger investment, a duplex is good for the benefit of additional cash flow and you could house-hack.

Off market deals usually have nonrefundable deposits and a clunkier process that isn't as suited for out of state people until they have good contacts in the area to evaluate the property (mostly contractors that feel comfortable evaluating projects for you).

Ok yeah we are thinking of getting an investment property loan so we can stay in our current home.If we did the FHA route we are considering on living in the new property for 1 year and then moving back into our old one after the year is up.We are curious if we would get a more favorable rate if we borrowed from our home equity to buy the investment property.Do you have any idea if many investors borrow from their home equity to get started?