@Stephen Hall not a whole lot new to add, but it's not often that somebody living here in American Fork asks a question, so I'm like "oh hey I live here I should chime in!" :)
I had a rental townhouse in Pleasant Grove that I planned on holding indefinitely, but recently sold it after just 18 months because purchase prices keep going up so quickly here, and rents aren't really keeping pace. I decided to shift to a cash flow strategy that doesn't rely on appreciation, and that has taken my investments to Ogden, specifically older small multi-family properties.
You wrote that your goal is to continue acquiring additional rentals as quickly as you're able. You probably already know this, but keep in mind that many lenders are 1.) not going to count the income from that rental in your DTI ratio unless/until you've got at least 12-24 months track record as being a landlord, and 2.) only count ~75% of rental income in your DTI. So depending on your DTI outside of this rental, you might not be able to finance as many deals as quickly as you'd like, even if you have the necessary down payments. Rising interest rates are not going to help. :/
As others have mentioned, it's a little difficult to imagine the growth and appreciation around here taking a drastic turn for the worse, but... ¯\_(ツ)_/¯ so if you have the flexibility to hold this through some hypothetical downturn, it seems unlikely this will be a big loser for you. It just seems a little less certain how big of a winner. We could have Seattle-ish prices within a few years and you'll make out like a bandit.
The challenge with a quick flip is the costs associated with buying and selling. Even if you save some $ by using Homie or Flat Rate Homes (I've had good success with both), you'll likely end up paying ~3% buyer's agent fee.
Oh, and read the fine print of the HOA before you count on AirBnB. Doesn't mean you'll get busted, but in almost every one I've looked at in Utah Valley, the explicitly prohibit short-term rentals.