Another option you may not have considered is to work with a developer and build a multi-family property in a desirable area, leverage ECO construction benefits available ($5 to $15 per sq. ft.) and cost segregation and bring in a management company to manage the property once it is ready for occupancy.

I am curious about this nature of the business as I build my REI business.

I have a feeling you'll be able to build back your savings pretty quickly.  

After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.I set aside 25% of this for my maintenance fund.The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale.

Build a map to scale your REI investment.  

*This post does not create an attorney-client or CPA-client relationship. 

For the rentals, we always have a local "on call" relationship with a local investor to assist when needed.

Looking to build a team that can help acquire my first small multifamily! 

It takes time to build up the reputation, even in a popular area like Sedona.Sedona does have a ton of STRs but it sees in the neighborhood of 5m visitors a year so I wouldn't worry too much.Getting on VRBO is a must IMHO.

It's a great starter property, so you can work out the kinks, figure out management, and build out your team.