We would actually install hyper-heat mini splits which will work below freezing. 

We would still be ok putting it as STR since the area reopened to visitors but I figured I would diversify and have one STR and one LTR if Covid round 2 hits this winter and another freeze gets put on STRs.

This year, the basement tenant took full advantage of COVID and hasn't paid for 7 months during the eviction freeze.

It can be a costly ordeal if a renter runs the oil tank dry and freezes pipes. 

I would also have a cash buffer to weather the storm and pick up deals if the lending market were to freeze. 

HELOCS and lines of credit are the first thing to freeze up during an economic crises.

I am on the fence about renting it out now due to covid laws, freezes on evictions,  freezes on late payments etc., and can’t find much information on what other investors are doing during this time. 

Here in NYC there is freeze in moratorium in eviction until Aug 20, for nonpayment.

@Sohil Shah when I had that same problem sweating on one wall in my home) it was actually the lines freezing due to low coolant.

Your best chance for SFHs will probably be after the freeze on foreclosures in Cuyahoga county is lifted.