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,

-mid-term rental property (rented room by room via furnished finder), VA loan, cash flows $500/mo.

Furnishing a place is expensive and stressful

I have a MTR that I list on both, Airbnb and Furnished Finder.