@Andrew MaturanaTo gain a competitive edge in the hospitality industry, explore creative ventures, Triple Net investments, house hacking, syndications, joint ventures, and leverage business acumen, networking, and resources.Good Luck!

It would also be wise to educate yourself on what a good PM does and doesn't do, how they do it, what they charge and why, etc.My book, The DIY Landlord, will be out in December and can teach you how to select or supervise a property manager.

For those who have ventured into Co-Living, what strategies have you found most effective in ensuring both financial success and a strong sense of community?

Best to do Joint venture with a  reputed flipper near you at the start

We own our property in an LLC, definitely some long-term appreciation and/or development potential and have various business ventures, but nothing that's pulling in large net income....yet.  

See if you can do meetups and meet experienced investors near your city and see if you can get onto  a Joint Venture to get feet wet

Doing DIY on plumbing, electrical, or structural.

There are NO institutional investors that will jump on this kind of deal, but you can maybe find a private lender or do a Joint Venture (equity split?).

I've just finished my fourth house and am now venturing into short-term and long-term rentals. 

And a little skepticism that the market would continue to grow at 5% or more on average (it's been ~7% average for the 8 years I've lived here)@Dave Foster I filled out the BP spreadsheet here for the sell or rent decision, and similar to you advice, selling and investing the profits in index funds performs only slightly below being a DIY landlord, making that seem an attractive option.