We work with one lender that will doa  2nd up to 60% LTV but its a loan not a revolving / open ended line of credit. 

I am considering converting to a long term rental but thought that mid term might also be a good approach as well considering the home is fully furnished.

Hi Scott, you don't need to be a first time homebuyer to use an FHA loan and you don't need to be low credit (as many would suppose), but the product probably appeals most to low-credit first time buyers.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources.

Mainly 4 types of client buyers I have right now.1. 1031 buyers converting active assets like SFR and apartment buildings like NNN with long term tenant with primary lease and investment grade credit.2.

I also have my primary residence, which has a basement apartment (shared main entrance) that I rent out as a mid-term furnished rental. 

How much net profit in general should I look for on a long term buy and hold rental property like this?

My experience shows whole-unit rentals to families or solo professionals cut vacancy rates and simplify management over room-by-room.For faster occupancy and stability, try my hybrid co-hosting model: we market listings to insurance and corporate housing partners for mid-term stays (months to a year), boosting rent from $2,300/month to $7,300/month.

Hi Collin,After managing hundreds of properties, I always keep an eye on short-term rental trends, especially in key markets like the Smokies.

They are major BRRRR projects with the main exit strategy being to hold as medium term rentals.