Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

As the new owner, you’ll want the lease and your landlord insurance policy to take effect as soon as you take title to the property.Temporary Lease Considerations:While short-term leases can work well, leasing to a seller long-term often leads to complications.

Seacoast NH, for example, has some great potential with short-term rental markets (Airbnb, VRBO), especially in towns like Portsmouth or Hampton, but the regulations can be a bit tricky.

Any advice or recommendations on where to purchase a long term property for rent are appreciated!

Even though your PMA expires in two months, you may be able to terminate earlier if the agreement allows.Follow the Terms: Send a written notice of termination as specified in the PMA.

I have properties in the Buffalo area (a mix of long term and short term) but was looking into Syracuse also, so would be interested to hear the responses.  

As a medium-term rental, you'd be in better position to be connected with Insurance Company that way.  

I wouldn't bet my life on 50%, but I would bet they are more problematic than the typical long-term renter.

I should add it will be a short term rental property. 

I would assume a greater emphasis on quality of materials and workmanship (and consequently higher rehab cost) for a rental where the investor will have to deal with the longer term implications of any corners that were cut.