I can always sell if I change my mind, and hopefully make a few bucks, worst case break even, since I am buying at discounts.With BRRRRR, an often ignored benefit is the security (if done well) of being all in 75-85% of ARV.

It will familiarize you with the basic terminology and benefits.

It really comes down to running the numbers and seeing which option offers the best balance of costs, monthly payment, and future flexibility.In short, a DSCR loan might work, but it may not be the cheapest or most suitable option if a second-position loan or HELOC can accomplish the same equity pull with fewer costs or better long-term benefits.

I would suggest you take a few months and watch the market before jumping in because the market has adjusted the pricing because it's hot. 

Another benefit: three friends renting together typically need their own policies.

What are the potential pitfalls and benefits of each approach?

Additionally, Gilbert and Chandler have emerged as strong markets for short-term rentals, benefiting from a combination of year-round tourism, a family-friendly atmosphere, and proximity to major attractions.

Even if my cash flow is negative while I live there, I will still be enjoying all the long-term benefits of owning real estate and my living costs will be cheaper than renting if I choose the right deal/property.I appreciate the insight!

While it’s not uncommon for full-service managers, you might find lower rates (~10-15%) or alternative solutions like co-hosting services, especially if you handle bookings, rate adjustments, or guest communication yourself.

If you are living there, then you need to weigh the benefits of having a home, as oppose to renting somewhere else.