If that isn't feasible because the market you live in is overpriced then analyzing other markets that match your real estate investing goals would be the next best thing.

I found very little information about that subject on the forum.I've ran a few successful subdivision projects back in Europe (France) and developped some parcels in California, and would be interested in learning more about the subject.These operations can if executed properly, be very profitable, but i have yet to confirm if it is feasible in the US, anf if there is demand for shovel ready lots. 

We like the property and can see living there contentedly, but are concerned about the feasibility of house hacking with Bremerton municipal code.

Is it feasible to do str and use when not occupied?

Before making any investment decisions, it is important to conduct a thorough feasibility study to ensure the project is viable and sustainable.

However, if this is to be a long term hold, then it is certainly feasible, and potentially more profitable to rent the property without title or with a severely clouded title for years to come.I second  @Anthony Dooley 's suggestion, "You can put it under contract, but the transfer of ownership will be determined by the attorney."  

With technology advancements, it's getting significantly more feasible to own both short-term and long-term real estate long-distance.

What you want to do is pay an architect, and probably a very experienced real estate broker, for a "feasibility study" to determine the highest and best use.

Cash flow simply won't be feasible at all.  

Get a quote from @Yonah Weiss and then a second opinion on feasibility and on RE Pro from someone who specializes in real estate.