This one IS zoned for short-term rental.

But in real , practical terms it's the bank who has claim to Deed of Trust and who truly owns that house.

My insurance company says they exclude coverage for exotic animals and any dogs with a bite history.

That's significant growth.However, consider these points:Make sure you have reserves for unexpected repairs or vacancies across all properties - THIS IS KEYRun the numbers carefully on the potential house hack and multi-family to ensure they make financial sense.Consider the long-term strategy: Will the potential appreciation and equity build-up in the new properties outweigh the increased costs on the Farmington condo?

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.

I'm local to Houston as well and develop small multifamily for long term holds. 

If you use the same contract, you have the same coverage.  

Our interests are currently more focused on short term rentals, but we are also interested in many other aspects of real estate investing and looking to make a start.

*Newbie Investor I’m currently looking to buy a long term rental with minimal renovations in North Carolina and chose Fayetteville as my main area of interest.

If you are investing for cash flow long term, you would benefit from paying off the loan sooner (eliminating interest).