I am a STR VA/Co-host looking for another client, preferrably Gulf Coast location. 

An agent brought a property that would pay for itself and had the potential to increase rents and make non major improvements to increase rents.

Waiting a year might not be a bad idea versus pulling the trigger sooner and having to pay to refinance later.Also realize it may be tough starting off as a 17 year old.  

Due your DD and you'll be fine with either self pay or S8.

I am helping a client who is also a Veteran to do this exact thing right now; at first he wasn't sure he wanted to move twice to make it happen, but when he realized he was going to basically get a cash flowing rental property for free(no money down) he realized it was an easy decision.

Do you prefer your tenant shut down his business and stop paying you rent because they have no income?

We have 3 decks overlooking the lake so it is important to keep up on that stuff.Of course you can always pay the handy person to do a quarterly walk through.

And if you do it right you'll never pay the tax.  

A lot of our clients that do it are more interested in the returns and less interested in the work itself.

You will likely pay less than half the addition cost, be able to obtain convention f/f financing, will not have to do the work, will not have to deal with a construction zone, will not have cash outlay months before first associated income, etc.