Like to learn about long term rental

I/my family can afford to wait that long.

Regardless, make sure you have appropriate reserves built in so at the very least your future vacancies, repairs, and capital expenditures are covered right away.While the cash on cash method does not take into account amortization or appreciation, I think it's the best way to measure a property's profile tangibly in the near-term.

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

The longer term loans would have lowered your monthly payments and decreased the costs.As for rent, each year you need to look at rents in the area to decide how much you will be increasing the rent by. 

Quote from @Steve Englehart: I currently have two long term rentals and am looking into buying into the short term rental arena.  

The Norris Group has a hard money ADU loan, but it's short term (3 years). 

As long as they meet your qualifications, we would rent to them.

I am looking to refinance in the near term either when rates drop to the 6.5% range into a conventional 30 year mortgage or as quickly as I am able into a first lien HELOC to be able to park paychecks into the mortgage and save a significant amount on interest or so it seems.

Old post, but in the short-term the world changed with the recent passing of HR 5376.