Anyone with a “2-in-1” Property STR? How did you find it?

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Hi Everyone! Total newbie here looking to get involved. I’ve been interested in long term rental property investing for a while now and have worked out a plan of action that I wanted to get some feedback on. My wife and I would like to buy and rehab a property that has an “extra” guest/mother in law house on the property we could live in for the first year in order to take advantage of the easier funding on a 203(k) loan while renting out the on-site guest house as an STR before potentially transitioning to a longer term rental when we are ready to move out. Has anyone done anything similar that can give feedback? We would be looking to do this in another year or so after we’ve saved up, but I’d love any input on how to search for these kinds of properties and anything to be aware of. Thanks for any help! Kirk

Don't count out a home with one larger room, that you can add an exterior entrance to (cut in a door where a window is at present) and create a studio with kitchenette. 

Hubby and I are currently doing this very thing.   We bought a small farm near Coeur d'Alene, Idaho.  The farm came with a 2 bedroom apartment in the shop.  This is very common in this area -- people buy property and build a shop with an apartment.  They live in the apartment until they can afford to build a bigger house.  

This is the ideal set up for an Airbnb.  We get the advantage of renting out a "whole space" but are still onsite to prevent parties, vandalism, etc.  We cater to families who want a "farm experience" for their kids (collecting eggs, playing with our goats).

This can certainly work, just make sure to check that the subdivision or area where the home is located allows short-term rentals. Here, on the Panhandle, STRs and VRs are all over the place along the beach, but a lot of residential areas specifically forbid them both through zoning and also various restrictive private covenants. 

Wow thanks for all the feedback everyone! Certainly a ton to think about, glad to know it's been done before. I've seen these postings on Airbnb, so I just wanted to know if anyone had any experience and appreciate all the awesome feedback!