We recently paid off our debts, and assuming no mortgage, we currently save about 70% of our post-tax income, around $10-12k a month.Would you still highly suggest getting a 203k loan, or would you recommend getting a standard mortgage loan from a lender? 

You can pay for it with an FHA loan or a standard loan.

But everyone who's successful has one common character trait, they play on their strength, they know their weaknesses, and they either improve on their weaknesses to bring the weakness up to standard or hire someone else who's great at their weakness to make it their strength.

It will be self managed, I will be near the unit (less than 5 mins away) to clean and take care of any issues.My numbers:Approx Value of Home $240-280kCurrent monthly cost / $860 mo (mortg,ins,tax)Utilities / $250. mo (elec,gas,water,trash,internet)Cost to run as AirbnbApprox monthly cost with STR insurance ($250/mo?)

I’m planning to update and repaint, maybe increase rent on one side to 3000-3100 while I live in another unit and replenish to legalize garage space.Monthly payment: $7033. landlord pays for water, everything else is separate.It just feels very tight in the beginning before getting ADU gets legalized. 

But I do know that people often spend thousands on a beach house for the week, and depending on its proximity to the water, will pay even more. 

Having a standard W2 job will allow you to get loans easier if you want to start buying investment properties. 

The syndication scenario is viable of course but I will say....I dont know whom I know that would invest or have money so Id need to go to new waters. 

If you just send the standard "will buy your house for cash" postcards, or do generic bandit signs, or canned PPC internet leads, you will waste all of your time on crap "leads" that aren't real.

So my guys were down to the basement and looked behind the water heater.