The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

I am a firm believer that if someone raises money they should have some sort of experience and also financially have a strong foundation themselves.

.- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

I think real estate is very forgiving (1) over the LONG term and (2) if you're well capitalized / in a strong financial position. 

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.

, whether there's a high water table that encroaches on any underground utilities or foundations (and does that water table have significant seasonal water level variations), encroachments by roads or other improvements on your property, limitations imposed by easements or rights of way, etc.

A STR is a completely different animal in my opinion, in that it requires more work and much more compromise, but financially is worth the effort. 

Often, traditional lenders offer better rates, which can significantly improve your profit margins.2.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

You could see an attorney or even better talk about it with your financial planner many have legal tech now that makes it essentially frictionless to get your estate work done and keep it updated.