I would not advise starting out your investing with an STR unless you have some type of hotel hospitality background.

You've already received some good advise here already.

You don't indicate this is for the purpose of selling the property so,First, I wouldn't advise doing so.

So, for instance, re: my family property that needs patching up, would you advise saving 50% of the cost of the renewal before looking into loans and such?

If this is your first transaction, I would advise working with an experienced agent.

When it comes to higher interest rates, how are you advising investors to balance that with their overall return on investment?

Advice  from an experienced investor to those starting out 
1. Stop chasing guru/mentor “education”, tactics, strategies.  Concentrate your education on real estate principles, real estate law, and real estate financ...

I am a sponge and will take all the good advise you would like to share regarding; avg. commission %, conditions of exclusive buyer rep agreement, your thoughts on locations, any on and off market properties you have, and possibly figure if we can build a team to make a dent in this wild real estate market we are in.

@William SilvaHi William,I would advise you to think about investing locally.  

I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.