The city board of adjustment meeting was held today and we presented our case and explained that we made huge investments into the home to remodel and furnish it with the belief that we would be able to operate it as an STR since we had an approved permit.The Board denied my request and did not take any responsibility. 

If you do a furnished LTR you will still have to worry about your furnishings and possibly consumables/linens if you plan on providing that sort of thing. 

Compare to CA: I was just in a cabin construction yesterday doing a walk through video- priced at $717k, 3/2, that will come with 'luxury finishes'/fully furnished/turn-key when it's completed at the end of March. 

Airbnb and VRBO are popular platforms, and corporate rentals or mid-term rentals like on Furnished Finder could also be an option depending on demand.

You're probably looking at 6-18 months to pay back the furnishing expense, though. 

and the demand is amplified when it has a proven rental history, furnishings and a transferable or easily obtainable STR permit.

Furnished vs. non-furnished quite obviously places ownership of the furniture with the landlord.

The big downside with MTR is that you have to furnish it.

We are thinking about furnishing one of the Racine duplexes and listing it as a MTR to maximize our investment and get a higher cash flow. 

Brand new to real estate investing - I currently have 1 3/2 ranch in good market  (Greensboro/WS/ Highpoint) used for furnished medium term rentals.