REP status is specifically trying to override this $150k limit, but it's out of your reach, unless you have a spouse who can qualify.Rules for STRs (short-term rentals) are different and do not require REPS. 

In a state that a lender can get a deficiancy judgement if the deal goes through foreclosure the client can get their credit trashed and end up with a big fat judgement against them.. ( state specific).the reason your probably getting buyers that want to do this is because of all the online notoriety currently like Pace Morby who is huge in the space and the legions of students and followers and then to a lesser extent there is BP's own Sub to Guys..

Did some reading on your bio - Noticed you were interested in investing in commercial real estate, what draws you to that specifically?

I think bringing a design expert to run through these properties with the contractors and put together the design based on a specific budget would be a good idea.  

Hello,I have an LLC, created specifically to manage rental property and I am currently creating account in mySmartMove.

In my rental agreement (lawyer reviewed and approved) it specifically says no smoking or vaping within 20ft of the building and all butts must be left in a coffee can with sand in the bottom and one is already provided in the "smoking area".Explanations are given for allergies, health, and second hand smoke etc. etc.I've not had any issues yet.

For those who feel comfortable living with roommates or who want to get into real estate investment gradually, house hacking SFR is an excellent alternative since it enables you to start small and live in one unit while renting out the others.

In my case I love the feature of using cleaning tasks for each project, it is a pretty good way to ensure that all your specific needs will be complete.

Any specific areas you like or any areas I should stay away from?  

Is there a specific strategy that you'd recommend for someone young like me to get my feet wet or should I just go with what I'm most interested in and have the most knowledge in, which is buy and hold rentals?