It’s a short-term option, typically 12 months, that can provide the flexibility and funding needed for a $150K renovation.Here's why it could be a great fit:-No prepayment penalties — so you can sell or refinance without penalties.

Strategy 1: buy a duplex, live in one unit (for one year as a "primary residence) and rent out another unit as a short-term / mid-term rental on Airbnb.

You should reconsider looking for a property zoned for short term stays.

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

Use tools like AirDNA or Mashvisor to provide market data on projected rental income and occupancy rates, and make sure your lender works with appraisers familiar with short-term rentals.

I have rented out this home short term before and have been successful but I don't have any experience with 12 month leases.  

Some investors also use a business line of credit backed by their cash flow, which can help with future deals.If you’re planning to scale, maybe start stacking that cash for the next property or even park some in T-bills for short-term returns.

Unfortunately the short and mid term markets are slowing down.

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

I've never seen a new STR law that didn't grandfather in existing permitted short-term rentals.