There's also a lot of mid-term demand in this area from people moving down and waiting on their home to be finished.

One of the things I love most about this community is that people are not afraid to challenge the status quo (ie. the smart thing to do is contribute to your 401k).

Do you know people doing this?

Well, this my opinion, if you like unpredictability, constant change and people/contractors with no regards to you or your property then "YES" flips and STRs are the way to go...LOL....I love it!!! 

Capacity and Tolerance. 1) Capacity: how many people can you comfortably fit in the property, is there room to add more, or add more value to the tenants to increase rent.2) Tolerance: How many people are you comfortable living with, if there are vacancies are you able to handle that.House hacking is an amazing path to homeownership, and a nice low barrier to entry into self managing your properties.

Meaning how to attract the type of people you want to your STR listings and how the heck you are supposed to know if there is a market for your type of "customer" in the area you are investing.

Other consideration is that most people have leases that start at the beginning of the month.

Where people are still normal and you can evict tenants but generally you don't have to because people pay their bills here.  

But what it comes down to is creating relationships and conversing with new people.

There have been so many changes to make people with bad credit look good they should be fine without this change.