Combining short term rentals and a venue is a huge advantage because guests would not have to travel far and you could offer better rates as part of a event package.My current venue focuses more on baby showers, content creation and birthday celebrations rentals.

My goal is to create generational wealth for my family and to eventually have the financial freedom to say "yes" to travel adventures as a family. 

MTR attracts a lot of traveling medical professionals and WFH individuals who need a quiet space during the day, which may not be compatible with families living in the attached LTR.

Quote from @Mike Grudzien: Two thoughts:1) stay in your STR for a day or two and you'll discover things it needs or that would be nice to add2) use several touch-points to communicate with Travelers/Guests.

Since we're In a college town, a majority of our travel demand revolves around the Texas A&M University and the university's events.

This can be especially appealing for those who enjoy traveling or seeking occasional getaways.

Since you plan to travel often, focusing on systems and building a reliable team: agent, lender, property manager, and contractor. 

However, I am seeing more interest in MTR's and have a colleague that does well buying condos and renting out to traveling medical workers and foreign exchange students.  

Living in a great travel destination like Sonoma you should consider a duplex or triplex and operate the other unit(s) on AirBNB, VRBO, etc.

It’s amazing to see how much the market has changed since then..and I remeber reading an article in Forbes that talked about how travelers often prefer unique stays with great locations.A friend of mine up in Lakewood had a client who tried an Airbnb in a condo overlooking Sloan’s Lake.