To offset costs, I’m planning to buy a duplex and pursue a house-hacking strategy:1.Rent out one unit as a long-term rental.2.Live in the other unit and rent out the bedrooms as short-term rentals (STRs) through a furnished rental approach.Before diving in, I have a couple of questions:1.Can I use a property for both short-term and long-term rentals?

These areas could all be excellent long-term plays.

another property to the portfolio, and a continued relationship with a live long client Lessons learned?

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

I’m in it for the long haul.What would yall do?

I'll be looking for long term rentals that don't need any major repairs initially. 

@Ella Marie the Pro's are you can build long term wealth, the Cons are you can lose money if you cannot properly quantify risk.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

I do have some investment experience and I'm currently managing 1 property, all the numbers are great and there's a good amount of cash flow and long term growth so I'm not a total green horn. 

If you’re hiring a PM long-distance, you’ve gotta vet them hard upfront or you’ll regret it later.