Typically, the STR property tends to be priced at 10x of the annual gross revenue, so let's assume you buy a house for $500k and you can get $50k a year in gross revenue. 

@Marc Zak Using an LLC for each property provides strong liability protection by isolating risks to individual assets, with income and expenses flowing through to your personal taxes on Schedule E.

K1s show your share of income or losses from the partnership, and you include it on your respective personal tax returns.Now, to your partners.

You can open a Self-Directed IRA and use the IRA funds to buy a house using a Non-recourse loan. 

I love the Myrtle Beach area.Condos are a dime a dozen so there is stiff competition which pushes prices down.HOAs have their own problems which I always avoid.I would try and buy a beachfront house or 1st row house 

There’s an obvious housing shortage here in SoCal.

Buying a large new build home can also work well as a house hack as you can charge a premium rent, and generally most bedrooms built now a days have en suites (at least in my market).  

While some strategies may work here, those strategies might not suit you.I don't personally do MTR, STR, co-living, or other nuanced strategies.

Don't forget to annually mark time for vacation or family time.You might consider hiring a teenager part time if there's something that is time consuming (for me, putting out 20 open house signs then picking them up).Best to you!

Consider whether an LLC is right for you—it can provide liability protection but isn’t essential for a single property, as personal liability insurance and an umbrella policy may suffice.