Find partners, and get started at some point.

Partner up with someone that has the money, find owner financing, do a lease option and find a buyer.

I have been talking with a possible partner and we were talking about the idea of owning a duplex and living in one unit while we rent out the other.

Based on Jon's analysis: The ROI is way to low expecially when you consider your primary is at risk with an HELOC.You might consider bringing on a partner that has the cash or has a 401K.

The most important thing is good communication with the guests - they will be more understanding, and also you may have to issue some partial refunds for guests that are unhappy.Not sure if this will be helpful and I can't vouch for this at all, but I think highly of the content on getpaidforyourpad.com, and the host has partnered with a few other people on https://innhance.com/ for managing STR.

The other option I’d recommend is seeing if you can partner with someone in your area on a local place.

Currently my two partners and I generally use as long of amortization as possible, which varies from 20 years for non-recourse and 25-30 for standard loans.

Equity partner, private lender, loan shark, credit card,seller financing, using more than one of these in conjunction, bridge loans, and many many others. 

Hi @Yuriy Skripnichenko,  It has always been mine and my partners rule to leave instructions for anything mechanical we provide, such as smoke detectors, microwave, etc., in the units for the tenants.  

I would like to thank everyone for all the great information but it appears that I may need an equity partner, not a lender.