1st Investment Property was Gifted to us... what next?

[Lauren Garza]

My FIL paid off his home, moved out and has given it to us as our first investment property to get started. The as is appraisal came back at $375K and we have taken out a HML of $120K. Once rehab has been completed ARV is around $500Kish. We plan to rent out monthly at $2500 per month and then do a cash out refi to buy our next property.

Here is my question - we are in South Austin, about 10-15 min to downtown and close to several hospitals. My realtor agent mentioned that we could look into mid term rentals for traveling nurses, corporate housing etc and make close to double what we would get in a LTR.

This is our first property, do we play it safe and do LTR or do we take the leap and rent it out to traveling nurses, corporate travel. Basically any travel that is more than 30 days. Also, do you have a mix of LTR with STR , or do you focus all on one versus another etc. Just trying to figure out what route to go with. Our focus is cashflow. We would have an aggressive goal of hitting $10K passive income in 2 years.

Any insight is greatly appreciated!