You’re giving very limited information which forces people responding to cover unnecessary points. 

You can force appreciation by rehabbing and such - so that might be a shorter term way to go?  

Actually you'd never hit that because eventually the debt pushes you into a margin call and forced sell and you'd be at or near $0 in just handful of years at best. 

My idea to achieve this is to convert the studio into a short-term rental.I’m trying to determine if I’m forcing this deal to work by relying on the short-term rental strategy or if it’s a reasonable approach given the numbers.

This figure is for C class properties.  

Being a subject matter expert, not because you are forcing it, but because you simply ARE, shows through, and investors are rightfully attracted to that. 

Once you fix it up, you could refinance to pay off the HML.If you do it right, you should have enough sweat & forced equity to have 10-20% equity for the refinance.

You have to force them with everything, call follow up email every day.

But maybe your tenant reaching out and mentioning that they're going to be forced to file a police report for fraud could generate some traction...obviously the real objective here is to just get the seller to call you back...

For C/C- neighborhoods you usually need to scale to 10+ doors; it's a numbers game.