I’m not very big on appreciation plays(renting a property with negative cash flow in hopes of appreciation) There are way more X factors than you can control.  

Take the L to areas on the South and West sides of town.

The only downside I can tell (other than the normal downsides to not controlling your own investments) is that selling your bits (shares) seem to be a DIY endevour. 

AirBnb- Can control the rents and cost of entry is lower.

I would like to Landlord and PM the property so am looking to buy somewhere within a 90 minute drive from the city.I want to spend $300k - $350k for my first investment so was considering Pierce County, Federal Way or Everett areas and even Bremerton (although don't love the issues involved investing in military towns).

Ultimate house hack is to buy a 2-4 unit FHA[Fannie Mae might be easier to get out of PMI down the road] in college town or similar.

All HomeStyles are for single unit properties only like homes, town houses and condos but not multi-units or duplexes.

So far, the pros/ cons I have are:PROS: Dedicated GC/ Subs to turn projects fasterBigger pool of money to work withCONS: Less of control in decision-makingGoing into biz with girlfriend (of 20 years) could be bad ideaThanks in advance for any thoughts on how to structure things as well?

It is a town with many hidden gems, property wise and other wise.I currently invest in Grand Rapids, Holland, and Kalamazoo, MI, all of which are fantastic markets in terms of cash flow, vacancy rates, overall stability, low unemployment and population growth.

You have control and use of the property but not ownership so it still leaves the door open so you can do the 1031 on the sale of the old properties into the new one held by the EAT.