Remember your costs will be more for an STR, you'll be paying for a lot of things you wouldn't with an LTR - higher STR insurance, all utilities including internet, supplies like toilet paper, paper towels, dishwasher detergent etc, upkeep on furniture and linens if damaged, yard maintenance and grass cutting/snow removal, trash removal, etc.  

Utilizing bonus depreciation and cost segregation can be a great tax savings strategy. 

First step is to check with the city or county to find out what the zoning is and the allowable uses are and what is required for development in terms of lot coverage, setbacks, height restrictions, utilities, access easement, parking,  etc.

List all your known expenses (taxes, insurance, utilities, etc.)3.

Look at everything, from utilities, to landscaping, to property taxes etc to see where you can save.

Look historically what utilities has been costing and charge a flat rate. 

Similarly, if vacant, inspect the property to ensure utilities are off and the doors are locked.

Our past clients have utilized this strategy for their first 2-3 small-multifamilies, and just over 3-4 years have 10-12 rentals doors.

There are fixed costs you won't be able to get away from utilities, insurance, etc and are typically stable year to year or with some measured growth.

There are banks out there that offer lines of credit for GP stakes, which many established syndicators utilize and draw on to potentially fund their follow-on offerings.