That could be a short term rental where people stay a couple nights at a time, someone coming to town for a work purpose for a few or several months at a time like a traveling nurse who signs a contract for several months. 

So, unless all lease singers file for bankruptcy, they can’t stay for three to five months without paying rent, right?

I'll give you some numbers for the MTRs we manage in Los Angeles.1-2 bedroom MTRs stays are 1-3 months3+ bedroom MTRs stays are 3-6 months, but often start less than 3 months and extend their stayMTR marketing falls in 2 buckets.

In addition to what was said above, for the software that has a free trial option, sign up for it and use the software for a day (or at least a few hours) as if you are using it for real, then call their customer support too and get a feel for that. 

Hello @Dana Gaglion,This is not legal advice... plenty of great attorneys in NY will offer a free consultation so I'd recommend going that route.

I'd recommend speaking with local specialists in your target market to look at multiple investment options side-to-side.Lastly, some of my clients have been encouraged to stay away from HELOCs unless they expect a lump sum (inheritance, sale of other asset, bonus, etc.) to pay off the HELOC in the next year or 2. 

Quote from @Mitchel Quinn: My name is Mitchel Quinn and I would like to get a good foothold in the door of real estate to get on the right path and stay there.

Nobody works for FREE. 

We've been seeing a rise in iffy inquiries for mid-term stays lately.

Assuming your debt is SUPER cheap and only costs you 12% you’ll save $22,800 TAX FREE  So the combination is saving $60k at 12% (or more) is $7,200/yr and $130k in the bank at only 4.5% is another $5,850/yr  so you’re over $13k GUARANTEED instead of a chance to make $7,200 before taxes