The biggest question you need to ask yourself is if you are doing this to afford a property you otherwise couldn’t afford or to save money period, that will lead to very different conclusions about where/if to buy. 

Hi Preet - Great questions and I'm sure there are some folks that may be able to provide some more concrete yes or no answers but my sense is that you may not be able to realize a lot of tax benefits if the value of the thing you are describing isn't very high. 

Current landlord questionnaire - we send the current landlord a couple questions about on-time payments, cleanliness, eviction status, etc.2.

My biggest question is this: do you think I should continue to rent for now and prioritize tackling loans?

Quote from @Waylon Smith: I know this is likely an ignorant question.

The question now is: Will more states follow Colorado’s lead, or will outdated zoning laws continue to stand in the way?

Check out the STR forum where you'll find some great information and will see questions and answers from those who have successfully scaled STR businesses. 

The hardest part is taking that first step, and you’ve already done it—now it’s all about being a sponge and jumping in when the opportunity feels right.I am happy to answer any questions you may have.

@Aristotle Kumpis,To answer your question, Yes!

Great question.