I am located in Arizona and have been in manufacturing for 20+ years while my brother is an experienced contractor based in California. 

Often times, there's houses or land worth $500k listed with an opening bid of $30k which is a fantastic deal; however, if you were to win the auction, there may be multiple liens and $100s of thousands of hidden fees that you have to pay at once (based on what I read online).

Based on your response I can give you some paths.  

Don't change jobs or income yet.Once you do and you think you can manage the payments based on your new income, maybe once you get the rooms rented.Then if you want to switch there are plenty of opportunities. 

As a property manager, based on my conversations with our clients, below is a condensed version of what we hear most (in relation to PM in Chicago): "- Passing on the load so that you can be more present and attentive to your family (edit: and other responsibilities) and not be essentially working 24/7, on-call for the needs of tenants and property emergencies... can be worth the management fees.

You can look at successful STR's in your area and make a list based on photos.  

Quote from @Christian Styles: Hey Sam, I've used both Propwire and Propstream, they seem quite similar but propwire has a free base version and propstream does not.

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.

argues that zoning ordinances should prioritize functional families and not exclude safe uses of housing based on household composition.

Here's a good breakdown of your options for tax collecting starting Feb 1 based on the new regulations.