I'm about to start my 1st out of state STR, but 2nd overall STR property in the portfolio with 3 years of experiencing managing a property in Joshua Tree by myself without a co-host/property manager.

Risk starts with what is AT risk. 

By pooling financial resources, we secured the property and funded the $25,000 renovation, ensuring the project was well-capitalized from start to finish.

That's usually where I start, if I have a client that needs a point of recommendation, and I don't already have it.  

If they are not able or willing to honor their commitment to pay the full rent amount, it's time to start negotiating a mutual termination agreement, cash for keys, or eviction.

Starting the 6th Buying agents will get paid by the buyers so you don't have to consider that into your sales price. 

The best advice I can give you starting out is to stay out of consumer debt and save as much money as you can.

I have seen a few try to get started over there last several years, but none seem to have survived (or are really bad at SEO and marketing) since I was not able to find any the several times I have searched.That being said, I know Cadre has launched a secondaries market for their own investment offerings, but that is limited in scope to Cadre positions, and is currently closed anyways and will be "re-opening soon". 

I have bought and sold over 1,000 properties for my own inventory, and did Bigger Pockets Podcast #82, and have spoken coast to coast from Manhattan to San Francisco on real estate topics, and wrote a book on my experiences.So I can't say I did it all on SFH, but renting houses has been a big part of my real estate investments since I first started investing.

Owner occupied is a great way to start.