As far as purchasing a new home as investment, you are allowed to rent that house as Longer Term whole house, Rent By The Room (usually called SRO for Single Room Occupancy, CoLiving, or PadSplit model), Mid Term (30+ day rentals), or Short Term rentals. 

Waiting on permits sucks....City of Atlanta take a long time, but Decatur takes 4EVER!!!  

Sometimes, we get buyers who are super eager to find their next short-term rental, and they might offer way more than a flipper would.

That will go a long way to answering some questions.Check out - https://www.awning.com/airbnb-estimatorThat tool is similar to AirDNA for basic lookback on the area as far as occupancy and revenue goes.

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

Then if you want to pick up a first time investor buyer and show them the ropes of the most successful long term investors in your market you can share your time and expertise now and then.

This is fairly common within the industry and a way to reduce administrative costs considerably since you’re not repeatedly negotiating the base terms and conditions of the contract.

Also check how long you have to notify the tenant that they won't be getting their full deposit back and how long you have to return the balance.

Investors want you to earn an income if you are the GC as long as it’s market rates.One structure for land purchase the investors put up all the money for land and house, you do all the work including management and you split all the profits from monthly cashflow 50/50.

The long term capital gains rate for many people is Federal 20%.