If you can find a place where the HOA or COA is flexible and you are able to convince the membership to go into development and perhaps convert the property into a co-op you could build a new apartment complex with commercial rental spaces on the ground floor and residential spaces on the top. 

Quote from @Thu Pham: Hi community, I'm in the process of acquiring my first STR property in Joshua Tree and have met with a co-host that I really liked.

You will be able to find a co-op apartment that allows rentals but whether you'd be able to close on it is another question.Co-ops with poor financials will have trouble selling units to borrowers using a mortgage.

I think your issue is (if I recall your other post) that you don't have any experience as a co-host but are trying to gain it by offering your help for free.

“Selling” a co-living room is very different to showing a traditional unit. 

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

But as soon as you make a direct booking site and start an escrow account (among other things) you then cross that legal boundary between a co-host and a property manager needing a broker license (depending on your state).We CO-HOST for others and remain separated from those legal parameters that would consider us a property manager.

I am looking at a 4 bed 2.5 bath property in Pfugerville, TX that I am planning to rent out as a co-living space (rent by the room on Padsplit).

As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker who's on their second house hack.

Throughout my investing journey, I definitely want a co-living investment!