As soon as you pop that can of worms, be prepared to go fishing for existing issues with the property that may need to be brought up to current IBC, Residential may maen proper handrails and accessibility egresses, whereas Commercial may be a bigger pill to swallow going so far as sprinkler and fire suppression systems.

@Simon Obas depends on your budget and you appetite .

They look like they have plenty of delicious morsels for our four legged friends.Bon Appetite’

No wrong or right, but what suits you and your risk appetite I guess.I agree.

Forget 8 hour days watching the clock.Have a voracious appetite for knowledge (and later wisdom that comes from experience).Get out there and network.If you do all of that well, 10, 15, 30 years from now, you won't be disappointed or have regrets. 

In addition, cities can change their STR rules at the drop of a hat, so you want to make sure you understand the political climate in any area you plan to buy an STR to get a feel for their appetite to regulate STRs.

Again, this depends on your risk appetite.

Fast forward to today, and I am thinking about taking cash out of my properties to fund new investments.I bring up my personal situation to underscore it all depends on your goals, risk appetite, equity capital, and investing horizon.

As of right now I am in just saving $$ mode since I will probably need to pay around 10k for a fire suppression system in the property as well as the initial 6k for inspection and state approval.