Go into big debt for a S.T. Rental or get less for a LT Rental?

[Angelique C.]

Help! I recently bought a single family property in Scottsdale, AZ.  (This is my second investment property and it was at the top of my price range).  I had intended to make it a Short Term Rental because I want the higher cash-flow.  Now that I have priced everything with contractors, pool builders, etc. I realize I have to spend much more than I had anticipated to bring this place to where it needs to be as a successful VRBO/AirBnB.  Another option is to find long term renters for much less money per month and also less debt to pay for the rehab.  Or maybe flip it??  I'm just not sure which way to go.

[Collin Hays]

It's difficult to advise without actual numbers. Loan amount, home value currently, home value post renovation, STR projected rent before and after, how much disposable income you have, projected LTR rent before and after renovation.

So there’s about 9 critical pieces of info that are needed to give you any meaningful advice, and probably a few other details.