Or, when the lawn boy goes to get lawnmower gas in his uninsured car and wrecks into someone on your business.

You'll have to develop your own business plan and strategies.

great answers above.I'd add a few resources:→ accredited investors qualifications: https://www.sec.gov/resources-small-businesses/capital-raisi...→ many fund managers will help you self-certify (I'm happy to help)I have more information on my website here:https://www.oakandvinecapital.com/accreditedBecoming accredited unlocks more opportunities, and you can learn about new opportunities without having a relationship with a sponsor or fund manager (506c offerings)If you are sophisticated, you can also take advantage of investing in alternative assets, you just need to have a pre-existing relationship with a sponsor or fund manager.Happy to help more!

It is still advisable to see what is on the local market and see what is selling as you develop your plan to renovate a property. 

You could take that same $70K plus what you planned for that $680K down payment and buy 3 investment rentals in states like FL, TN, IN, OH, GA, LA, even up on the Oregon Coast just above you in CA.Most of my customers live in CA and none of them invest in Cali instead they buy in the states I listed above.

If I’m buying a STR property now, what do I have to keep in mind if I also plan on buying a primary residence next year?

As I am planning to get an SBA loan, I assume the down payment would mostly need to be somewhere between 15-25%.

Given that you plan to live in the South Carolina property for 2-3 years before turning it into a rental, I would lean towards using the HELOC for the down payment and getting a traditional mortgage. 

Where are you planning to invest next and why? 

I'm looking to get into the medium-term rental space and I've found a property that fits all my criteria - it's a turn-key 3 bed 1 bath (one bedroom is on the smaller side so I plan to make this more of an office space), located just a 5 minute walk to the largest hospital in the area.I have 2 bedrooms and I was wondering if it's possible/viable to rent out my unit by the room to travel nurses?