-Creates a solid foundation for passive income, allowing you to reinvest future cash flow into other opportunities without as much financial risk.Cons:-Ties up a large amount of capital that could potentially be used to generate higher returns elsewhere (like another STR or other investments).

Don't over think this, pull the trigger actions create results. 

The rental market is a dynamic environment, and one constant is change.

However, if your time is limited or you don’t want to deal with tenants directly, hiring a property manager can make your life much easier—just be sure to choose one with solid local experience.Are you currently house hacking in Chicago?

you can't really micromanage tenants.All you can do is create systems with some flexibility.Again, if you read how we charge our Processing Fees, they encourage the behavior we want, while discouraging (via fees) the behavior we do not want. 

Our focus has been on documenting our strategy, creating work instructions for all of our processes, holding true to our buy box, and not overleveraging ourselves. 

Quote from @Mark Forest: WOW, THIS PLACE HAS REALLY CHANGED.   

Insurance was really created for catastrophic events (fire, flood, etc) not for small claims.

Check out FilePlace, where user-created forms are available for free.

It will be even harder as a young person with no life experience, and particularly no experience buying real estate.