But I think there is a gap and opportunity for investors to realize a tremendous amount of value from this, especially those in the HCOL/SFR space. 

I would suggest leasing a commercial space for your business first before you go straight to purchasing a space.

If you have rules in the lease such as furniture in shared spaces is fixed.

Very early in the tenancy he made reference to a divorce that made money tight, when talking about an electric bill. 

Additionally, I'm hearing at meetups that this could extend to multi-fam under 4 units as well, although I haven't been able to confirm.I work exclusively with smaller investors in the multi family space and would be happy to chat more about it.

Matthew,Am just starting to invest in multi family space, realistically up to 50 units.

Generally:Minimum size: Most jurisdictions consider a minimum of 70 square feet of floor space.

You will get much further in your search by signing with somebody experienced in the space.

What caught my eye was how timeless your question is - high prices and tight cash flow are still big challenges here.

For a more general philosophy on hospitality, especially if you are going into the higher end STR space I would recommend Four Seasons: The Story of a Business Philosophy by Isadore Sharp about the founding and development of the Four Seasons brand.