Would it be smart to go for a house like this for my first, or should I try something more straightforward?

Buy smart and make sure you have reserves to cover any unforeseen issues during the rehab stage.

Assuming all three units are relatively equal in value, you get the exemption (and no depreciation) only on the 1/3 that you live in....the other two units are treated as a separate investment property.But, it’s still a smart way to go.

All you need is internet and a smart phone and you can manage your STR from anywhere in the world.

@Bartley MalicoatHello there,I think that that’s a smart move.

Hi Connie, well both strategies are smart.

The bad news is that it's like a big credit card and easy to over-spend or spend foolishly.Make sure you're very disciplined in your spending and know how to make smart purchases before borrowing the equity.

For the two properties, what would be the expected cost to split them, and would it be a smart move long-term?

That's worth a consideration.Having a great team on site and being smart and consistent will be more important than picking the best market. 

Kiyosaki, along with The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing by Brandon Turner.I know I can get my credit to an appropriate level within 6 months, but I want to ensure I also have the money necessary to back up a good rehab and have money left over for oh crap moments.