If you have those attributes and know how to screen well, its a very rewarding and lucrative business model.

Hi Christopher, I'm a realtor in the area and I thought I'd run some numbers for you just to get a better picture of the risk/reward of a LTR vs STR.Currently netting $250 a month on the LTRIf you rented it as a STR on a nightly basis for $135 with an expected estimated vacancy of 56% (average for the area) that's a gross income of $21,681 less your mortgage $17,400 and less expenses such as water electric and internet of an estimated $4200 puts your annual net at $81.To make the STR profitable for the additional work you'd have to rent it for more than $135 a night and for more nights than the Nashville average of 44% occupancy. 

The other 1% are constantly reviewed by licensed Realtors, large wholesalers spending $20,000 monthly for marketing, numerous platforms and services selling leads, fix n flippers, syndicators, investment funds,  and “opportunistic” buyers such as myself with millions of dollars in cash to close any discounted deal in less than 48 hours, if need be.  

I'm one year into being a landlord, and I loved it for about the first six months--in spite of numerous challenges.

Balancing risk and reward is crucial in real estate investing.Bottom LineThere’s no one-size-fits-all answer.

I'm not saying it always turns out bad, but there are numerous issues that can arise that are not worth the arrangement.

Ive been to HPD Section 8 office numerous times in person telling them all the incidents and all they seem to do is defer me to housing court. 

Reap the rewards likely after that.

If you're applying for a Conventional/FHA/VA/ or USDA loan, then they will do a "global cash flow" where they take into account your PITI (Principal + Interest + Taxes + Insurance (hazard and flood) on all properties (second mortgages included), HOA payments, car payments, student loan payments, credit card payments, and installment loan payments in the numerator and your gross income in the denominator.

Have them include a risk reward matrix and a review checklist.