You should have several at a time that are in various stages so that your eggs are never all in one basket.

In my 20s I wanted all rentals with a $10k passively, now that I'm in my mid 30s, life has changed and I hang out with alot of older (70-90s!)

They are in a basket which hold stuff, on a counter where you set stuff, just before using the hand sanitizer to clean your hands. :)

@Karan Rekhi this is all i do. i only rent by the room. anyone that tells you it’s not worth doing is wrong. be careful about town ordinances. the town i am in only allows 4 unrelated people per unit.as far as finding people, i do all of that although your incentive idea isn’t terrible. i have all multifamily and i basically position tenants together that will fit well. also, sometimes females will be uncomfortable living with males. for the most part, if you can get like minded people together you will be fine.yes, depending on your class of people, you will get some drama. do your homework on your tenants and vet them well and always talk to the previous landlord. happy to help you here. just let me know why other questions you have. you will have growing pains with this strategy but once you get the hang of it, it will be very valuable.

In that case I would probably try to aim for a couple of low-hanging, inexpensive single family homes and call it a day.

However, if the business plan fails there is little incentive for the STR investor to hang in there to make it work.  

Hang in there.

Hanging out in long white tshirts and drinking beer unless they are on the sidewalk usually won't be policed. 

You're more likely to better learn about note investing this way, with the right person, but higher risk since all your eggs are in one note basket vs. a fund. 

@Michael Wise, don't leave us hanging bud, tell us what you sold it for and your closing costs and holding costs.