I don’t have an STR myself but have helped a friend set up and manage a couple last year and it’s not as simple as it used to be. 

Live in one unit and rent out the others to cover your mortgage.Seller Financing: Negotiate terms with the property seller where they act as the lender, often requiring a smaller down payment and bypassing traditional underwriting.Partnerships or Joint Ventures: Partner with an investor who provides the capital in exchange for a share of the property’s equity or income.Lease Options: Use a rent-to-own agreement, which allows you to control the property while saving for a formal purchase.BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat): Acquire a distressed property with short-term financing, rehab it to increase value, rent it out, and refinance to recoup your initial investment.Pro TipStay in close communication with your lender as you approach your next purchase.

Quote from @Katharina Bormann: I address the importance of clear communication in my book.It's not enough to tell them what is wrong.

While I don’t suggest that the smaller type investor purchase and utilize “exotic” vehicles like foreign asset protection trusts, family limited partnerships with outside controls, or Byzantine or convoluted maze of ownership entities, the more simple strategies of using Series LLCs, self directed retirement plans, and paying off their home mortgage to the extent of the Federal BK homestead exemptions can insure that a plaintiff attorney never even considers going after them.  

The lack of communication is typical in this business and a reason why we opened and have done well. 

You can secure the property with a promissory note drafted by a lawyer or a title company, but keep in mind that “taking back the property with the note” as it is often pitched by gurus is not always actually that simple.

It could be something as simple as a toilet running. 

It is a simple value add.Get the permit and enjoy an easy value add (assuming it is close to $8k).good luck

They are always on top of maintenance and communicating any issue regarding the property and they have streamlined the process so that it’s relatively easy and quick the purchase. 

Do plenty of research and find out what other mistakes have been made in your are and learn from them.Both are great options but maybe doing a simple pros/cons list for both STR and LTR.