That was back in the early 2000s though when the market was appreciating great guns.

It all depends on the deal type and what you are comfortable handling at any given time. 

The complication of tax should not stop you from investing in any type of the deals. 

As far as I know FHA is only type with that stipulation for “intent” to live there after discharge/retirement.

I am contemplating a tenant who is a stranger to our family, but he fits the bill as the quiet, studious type. 

Also, I know I just asked Tim this, but are you aiming to pay below market value for these types of rentals, or is it typical to pay appraised value as long as it cash flows on these STR's?

You can also find making two units out of a bungalow or similar type of home can create positive cashflow. 

Keep up with the educational side, figure out exactly what type of property you want to start with and find your first project.

Is this consistent across all mineral types?

Not that I would do all of the rehab work myself, because that would take way to long while working full time, but because I feel I have a good idea of what it takes to complete renovations and different types of projects.