Lenders will want a letter from your employer that states you are allowed to work remote from where you currently live and that this move will not affect your income. 

I am interested in living in the basement, and renting out the upper unit on Airbnb.

Quote from @Paul LaValley: I live in Tucson and know Tucson really really well so I want to start here and then jump up to include Phoenix area. 

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

I intend to get a single family residence, add an ADU, live myself in the residence and rent out the ADU as a studio apartment long term.I have checked my city's ADU laws and long term renting is permitted.Question : can I obtain the REP status while maintaining the ADU while it is in my primary residence?

I live in Florida but my family is from Portsmouth and I just there for Labor Day.

You pay a bit more, but you get exactly what you want and don't have to worry about maintenance for a while which is obviously a savings.I live in the Woodlands, so considering the location of my home and rental property, I'd ideally like to build this in the area of The Woodlands, Conroe, Spring, Tomball, Klein, or Cypress. 

If you're just starting out, house hacking a duplex or SFH with an ADU can be a great way to reduce living expenses while building equity. 

Two identical homes located next to each other would come up with the same value, even though House #1 was just renovated to a very high standard and House #2 hadn't ever been renovated since it was built in 1949.I always tried for an identical (or nearly so) beds, baths, sq ft of living area, garage and acres. 

I'm currently exploring opportunities in the Honolulu market and looking to use my VA renovation loan to purchase a 3-4 bedroom home, renovate it, and rent out the extra rooms as part of a co-living/house-hacking strategy.