LTR is stable, slow, and risk is low but potentially not as much cash (right away).Comes down to what goals you have and your risk threshhold - I have friends in CO springs who do STR and MTR, and works out great - but also have folks who LTR in that area and it pays for them self and it a great way to save money in places like taxes and build equity.  

Between the contractor that scammed me and the break in, this project has gone on for about five months longer than it should, and I have depleted my savings making the interest payments all the way up until I have zero money. 

When I purchased my first large apartment building my real estate broker called 18 different banks until we found one that gave me the loan and I saved more than $20,000 by dealing directly with the bank and no loan broker.Then, as time went by, I got lazy and found what I thought was a terrific broker.

The very basics would be getting your furniture and shopping list together, keyless entry like Schlage (with backup lockbox with physical key very close as well), looking into insurance, local taxes for STRs, and moreAlot of ways to save time and make it easier to self manage with a property management software like Hospitable and data research like AirDNA.

I’d consider saving for the next few months until you’ve got 2-3 months left on your lease so you have a healthy reserve fund no matter what you decide.

It made my payments way more manageable, and I ended up saving a good chunk on interest.

However, what I would suggest based on your expertise as a contractor is going into a semi-fixer upper and make minor repairs to boost equity as well as savings. 

I have been saving for a down payment on a rental property.

Personally I only use my HELOC on short term projects like flips, new builds and BRRRRs where I know I will be replacing the capital within months.You may be better off waiting a year and save up more cash or liquidate your index funds if the returns on a property will be better.

Your great credit, cash in checking and savings, and property ready to cash flow are the basic conditions to qualify.