One strategy that has worked well here on the coast is mixed usage plexes or combo of LTR, MTR, STR. 

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.

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

I have done multiple fix & flip projects as well.

The remodel on the 1/1 condo will also be top notch and I am willing to furnish it as well to try the 30 day market. 

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

Well, we went with Blink on our new 112 unit complex in Keizer Oregon. 

this property is well maintained 50 unit around ten years old preforms well and has assumable low rate freddie debt asking price is 11.7 mil assumable debt is 6.5 mil at less then 3.5 % 

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?

If you plan to self-manage and can find something within 15 min of your home or work then STR is a good move.