Purchase price: $436,000 Cash invested: $21,800 This is a current long term furnished rental.

I was able to learn about acquisition, renovations, project management, furnishing a short-term rental, using property management software, and lowering our cost of living compared to renting.

Secondly, the house needs to be furnished and decor up to the standard, at the minimum, like a 3 star hotel if not better.

If it is to play it safe and have a feel for the type of actual operating income that the property can produce before you put debt on it, that's a safe and solid idea.The good news, however, is that you're likely going to be purchasing a furnished property.

I agree with starting with durable construction, durable furnishings, etc.

@Rebecca Akselrod for medium term rentals furnished finder or airbnb with a 30 day stay for listing. 

In listening to others speak about MTRs, it seems like the monthly revenue from Furnished Finder is on the lower end.

I just don't have the cash reserves to get it started to furnish it and get it rolling.

If I were to manage it myself, and have an occupancy of equal to or less than 7 days on average, would I be able to take the expenses that I have incurred in fixing up the unit, furnishing it, and marketing it and write this off against my W2 income? 

I agree with @Wyatt Wolff that if you systemize it you could run it yourself but getting that in place with a 70 hour per week job could be tough and not worth the added stress if you're able to pay a PM to do it and still make a good profit.It seems like you have but definitely would check out Furnished Finder and Airbnb/VRBO for 30+ days stays to see the competition/average pricing,