Long or short term loan for first rental property?

[Jennifer Hollander]

We became landlords out of necessity when we couldn't sell our house 10 years ago.  We've not had a lot of luck with tenants thus far and recently tried to sell again.  No luck yet.  I"ve been educating myself more with Bigger Pockets and we'd like to actually make a REAL go of renting it this time (currently no tenant). The house is in my husbands name and the interest is 8.45%.  Based on percentages, he is unable to refi.  I'd like to 'purchase' the house to get a lower interest rate and then we will rent it out again.  If we are going to continue down this path, would we be wiser to get a long term loan so that we profit each month from the rent or get a short term loan with no profit immediately but the house will be paid off quicker.  Currently, the rent price just covers the mortgage, insurance and taxes.  We likely would be unable to increase the monthly rent based the prices for that area.  Any and all advice is appreciated!  I should mention that I have checked our state laws and I should be able to purchase the house without any trouble.  Thanks!