However, I also want to be as prepared as possible, leveraging the guidance of those who have successfully navigated this path before me. 

It can still be profitable, but I would suggest getting your cash flow going and then venture into that space after some time. 

Be prepared to have all of your lovely STR furniture ruined with a LTR tenant. 

I also will have a big promotion at work coming up that I will need to prepare for. 

Plan for a smooth transition: Respect the notice period and prepare for any potential disputes.

Quote from @Tar-U-Way Bright: Hello Everyone,I'm preparing to purchase my first investment property in the new year, which I plan to house hack.

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After closing, work on increasing your income, reducing debt, and preparing for a second mortgage.

Just be sure to be prepared to get legal advice if you run into grey areas that you are not well versed in to avoid legal implications.

I have my cleaner on standby and I am prepared to leave if necessary.