I'd keep my primary residence and pay it off.

I make the house not my primary residence, will I still be able to get a cash-out refinance, or get a HELOC on the property in the future?

I would rent to a good resident that was fine with the existing set up (particularly in a blue state).

2- If I employ a full-service property manager to handle tasks such as cleaning, maintenance, booking, and guest communication, while I focus on business aspects like property search, renovation, decoration, bookkeeping, and supply procurement, would this still qualify as material participation or could it pose a risk?

Personal residence?

Investment Info:Single-family residence buy & hold investment.

Keep in mind you are liening your residence on an investment which is risky. 

One good website can deliver dozens of qualified leads to your doorstep day after day after day with virtually no effort required other than the one time investment of setting up the webpage. 

Depending on whether you're purchasing a property as a primary residence or investment property, the cost can vary drastically. 

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