Quote from @Tom Enright: Hi Forum, I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year.

Speak with a lender now to understand your options and start building a plan.

I tend to save the most money by being able to do my own stuff up to code. 

If you can get to 10 over a 20-year period, you will change your life and look like a genius.Increase earnings, reduce expenses, save, and invest.

Plan for the unexpected3.

Quote from @Courtney Dettlinger: Your equity is not a savings account from which you can withdraw for free.

Once you are in the habit of not spending so much, with no debt in a few years, you will be able to save and invest like crazy!! 

I've got about 7k in an emergency savings account.I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.Ideally, I would like to buy a single family home.

I'm planning to use that money for a downpayment  to buy a multifamily where I would live in one side and rent out the other side. 

I was able to secure $27k from them and $8k from our savings and the deal went through!