Richard how I'm curious how you would do better as I have a hard time beating their rental rates since it seems renting out to 5 small parties brings in more cash than 1 party.

The Importance of a Great Real Estate Agent: A Personal Paradigm ShiftI got my real estate license a while back, and I always heard people talk about the importance of "bringing value" as an agent or broker.

Maybe they bring the experience and provide the funds.I don't like any of your options based on I think you are too new to investing in real estate to take on any of those.

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

You may want to bring in a professional to get this rented.  

Due to our love of traveling and hating the negatives that LTR brings along, we prefer STR and offering the same memorable experiences to travelers that we have experienced when traveling.

One way would be to get the real estate under contract, then bring an experienced partner in who also has access to capital, and stay in the deal as a minority equity partner.

One deal can really change your life—let me know how I can bring value!

If its luxury then I'd go for a higher quality unit, it will bring more value to your rental.

This brings back memories!