Primary reason for wanting to do STR is because I'm interested in gaining hands-on experience with this strategy so I can apply it towards longer-term goals in more traditional vacation markets. 

security, fencing, a guard dog inside or someone stays there at night $1500carry cost of your loan/tax/insurance$?

I'm considering a house hacking strategy in the greater Houston area, ideally within a 30-minute drive of Rice University (including Fort Bend County).

This strategy yields higher returns in all metrics than traditional rental spaces.

If a better state for landlord, maybe see if you can find a different insurance coverage and/or if tenant will pay difference in premium to cover, then require high liability in renter’s policy.

The first thing to ask is your exit strategy on the second property - are you simply buying a rental or doing value-add?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

I have seen more people torch their retirement plan using this "strategy" than I care to think about.As @Chris Seveney notes, an IRA can be setup with a specialty self-directed custodian so the IRA can be invested in non-traditional assets like real estate. 

Are there specific strategies or platforms for connecting with potential development partners open to joint ventures or revenue-sharing models?

This section aims to provide a comprehensive understanding of the market dynamics at play.Strategic Insights for 2024: Armed with an analysis of the current market conditions, we pivot to forward-looking strategies.