Delaware Statutory Trusts (DSTs) and 1031 Exchanges are two commonly discussed options in this realm.

If look around at the "good" experience focused STR's you'll find a commonality that the ownership is very active, focused and dedicated in what they are doing.

Co-living and rent-by-the-room models aren’t very common here either, but the cap rates you're mentioning (7.3%–9.5%) are hard to ignore — especially with traditional rentals in our area barely hitting half that.Appreciate any insight you're willing to share.

Having rooftop decks are common and there are building codes in place to make them safe to use.

At this point I would pay $10 per month but I've seen much higher costs and the common requirement to process financial transactions, I just use the bank for that and check on taxes and insurance payments once per year using a calendar reminder to prompt me. 

I have a system in place for how I plan to handle this phase of placing tenants, but please, anyone who comes across this post please give me good tips, like what are some common questions I'll get asked?

Hey Alexander—this is a common issue with DSCR loans on STRs.

Any common mistakes to avoid or best practices that helped you make it a smooth process?

Texas is a common example, but choose somewhere you’d actually enjoy visiting.

DSTs are also commonly used as backup options for your first, second, or third identified properties to help ensure a successful exchange within IRS timelines.