In addition to furnishings, t will need work (such as new countertops) to meet my vision for upscale couples retreat.

So I found a for sell by owner property that is a mobile home that has been converted into a two unit duplex (units have been furnished by owner).

I am thinking about renting out furnished MTR or unfurnished LTR.

Can you afford to buy a similar size property in the same neighborhoods and design, furnish, and upgrade with amenities to compete against those top-performing comps?

More turn overs, more tenant drama, a bit more effort to furnish common areas, more move-in/move-out damage (some investors do fully furnished to prevent this).  

It would be nice to have that cash on hand for emergencies as well as to furnish the house (I wouldn't be investing the money).

Hey @Frank Agyeman-Duah, My co-author in Bigger Pockets upcoming book on Medium-Term Rentals sells a furnishing list, that makes it dummy proof to just order and set up.

Because you are doing rent by the room, if you plan to furnish common areas, make sure your insurance company knows that you also have personal property there and the value to make sure it is covered.

I have a fully furnished four bedroom 2800 sqft rental in the Midvale, UT. area. 

The only multis we do this for are MTRs that are furnished as the folks are there for transitional times/work, not for a LTR as it would be better to just lower the rent and not have the headache.