Budgeting for furniture and coordinating the time to execute or hire a designer is something we try and factor into our Pro Forma or analysis.

The systems you have in place to handle leads, follow-up and your sales processes are also huge factors.Another factor is what is your monthly marketing budget?

And, factor in the depreciation and other tax benefits, deductions, home office, vehicle expenses, etc. 

Seems doable, depending on a few factors will determine what the right product is for you.

It's hard not to be emotional when house hacking becasue you're living there but think about other factors for you too, not just the cost.

@Stuart UdisAll great comments, seems like putting skin in the game will be a reassuring factor for any potential investors.

Now if your thinking location jumps out as a big factor to all this, you hit the nail on the head, location location LOCATION. 

A lot of the success stories and content we’ve seen in the past came from a very different rate environment, so I’m definitely factoring that into my approach.For now, I’m planning to focus on the Jackson County/MO area, specifically around Lee’s Summit where I have some local support from family.

As I plan to purchase a property within one month, I hope to not just work with one agent, so that I can expose as many deals as possible.

You should have a good idea of every expense you have in your primary home, then add the STR specific:  (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses.