I provide a nicely furnished condo, cable and WiFi.

My leases clearly state that the "Tenant shall maintain all appliances, equipment, furniture, furnishings and other personal property included under this Lease". 

It would also cost about $5k per unit to furnish it - this isn't that big of a deal but it is worth considering.What would you do?

This implies our unit’s cash flow is below if it were an LTR because 1) we pay utilities 2) we furnish the unit 3) we pay MTR  PM fees which is near double the LTR rate. 

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

I'm out state investor so I didn't not fly there to do the tour which was my mistake to make this decision. because the one furnished and water heater it's not up to code.

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.