My wife and I own it together, but i may be able to buy her out and keep it as a short-term rental without spending all my personal capital.I’m looking for advice on financing options, buyout strategies, and any creative solutions others have used in similar situations.

Be ready for a wealth of information at your finger tips.

They might have ideas for credit improvements, debt pay downs, etc to help you get there in 2 years time. 

If you can get "boots on the ground" to go look at the state that the property is in for you, then yes go for it.

For example, your tenant will change their cat's environment by moving to your apartment.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

@Naresh Yegireddi- This is above my pay grade but I was reading an article in the Wall Street Journal today about how the highest-earning 10% of Americans account for more than 50% of consumer spending. 

Your market is expensive, I wouldn't look for normal working class people as your target customers.

@Michelle Dong hopefully you haven't gone and spent thousands on a "guru" program for S8!

If most rental demand is for larger homes, it may take longer to lease.2.