Choosing among buy-and-hold, house hacking, and vacation rentals for investors.

[Victoria_A]

I'm a new investor looking to purchase my first rental property, but I'm trying to decide between different real estate investment strategies like long-term buy-and-hold, house hacking, or focusing on short-term vacation rentals in my area. Each seems to have different cash flow, management, and risk profiles. For experienced investors, what key local market factors and personal financial considerations did you weigh most heavily when choosing your primary strategy for building a sustainable portfolio?