Mitigate as many risks as possible with a contract and you should have no problem doing this. 

There are many blogs and posts and podcasts about using an FHA loan to purchase a multi family home so I imagine using one of the units as your primary residence mitigates this requirement. 

My work would be dealing with the county officials in getting necessary permits, mitigation etc.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

We take risks everyday, some mitigated more than others, but a risk none the less. 

I'm hoping that I can mitigate lax losses from that withdrawl (roughly $120K.)Can I write off these expenses for last years taxes through my LLC to mitigate tax expenses from my personal 401(k)? 

This can help mitigate the risk of any one property or market experiencing challenges due to high interest rates.Overall, while high interest rates can be challenging for real estate investors, there are strategies that can help you survive and even thrive in this environment.

It's really hard to get smoke smell mitigated.

Every STR is a risk, but you mitigate it with the data.Have you looked into builders to get an idea of cost?

With risk their comes reward so knowing your stuff and having experts in your corner mitigate that.