That's a common tactic.

Between your job and savings already, you should be able to house hack one, move out in a year, then house hack another.

I have my eye on other spots in Idaho, though prices have kept me away ($200k per 1/2 acre in more common destinations)!

Quote from @David Peschio: I recommend you call and interview many property management companies in the area.From my perspective, a successful relationship hinges on aligned views regarding property management strategies and common goals.

Last time I looked it did a better job at that than Touchstay.

One market you might want to look into is Columbus, Ohio since the macroeconomics here are on fire with huge population growth, tons of job creation, and massive companies moving in like Intel, Amazon, Google, Facebook, Honda, Microsoft, LG, and more.

What are common pitfalls in co-owning STRs?

Job and population trends.Strong employment and steady migration tell me whether demand will support rentals, flips, or new construction over the long term.Most investors choose their next market based on a mix of risk tolerance, operational capacity, and long-term goals.

You would need HOA approval as this is most likely considered a common element and if you were to damage it and impact other units the lawsuit and damages could be worth more than your unit, especially if done without HOA approval.

I would say to try and learn as much as you can in-person by meeting people and seeing if you can shadow them on projects / job sites.