I live in Texas and have one primary residence and eligible to get another property in June (1 year mark).

My wife and I are both W2 and we are evaluating to buy a vacation home to enjoy it, but planning also on renting it as a STR while not being there.

If you notice my posting history I am investigating purchasing my first condo in the next few months and am investigating some potential scenarios.I am looking into living in the unit for a little over 1 year and putting it up for rent either with HCV/Section 8 or finding a tenant through my brokerage(L&F) or other means. 

We live in San Jose and would like to ideally start our first project that is closer to us.

Chances are, the living arrangements and property use is not as it was supposed to be.If the money is good, set a lease with extra provisions for the dope house cleanup when the tenant leaves.You can't charge for the plants, but you can charge for uncommon use of the property.

For the last 5 years, I have been self-performing live-in flips with my wife and two young children.

Enjoy the ride!

You can look at the relocation as an investment in the property since it will be an issue if you ever want to sell.Years ago we only provided w/d hookups, but these days we include w/d in all units, raise the rents accordingly ($25-50 per unit) and enjoy some extra cash flow.

@Tyrell HenryI'll simplify:Don't start OOSDon't start with hard moneyDon't try a major BRRRRHouse hack or live-in flip insteadhttps://www.biggerpockets.com/blog/live-in-flipGood luck

I did however decide to jump into the more active side with a live in flip.