I specialize in STR's along the coast and have had a lot of success with MTR's for medical professionals as well.

Readers should seek professional advice.

Readers should seek professional advice.

You will likely have cracked drywall and porches will have to be re-installed.

Using a Heloc utilizes the equity that is sitting dormant, it provides tax relief (once again check with your tax professional) as it is interest income, you can typically get a reasonable rate andlastly there is no out of pocket money.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

@Sendil Thangavelu you really need to hire a professional property manager or real estate attorney to help direct you in the right direction from now and the future

Rufo  Also consider the fact that when you switch from STR to LTR or the other way around, you will need your CPA/tax professional to do the IRS' 3115 change of accounting form to go from 39-year depreciation for STR to 27.5-year depreciation for a LTR.

And some of us been replying back yes there is, just where they are, how to get them, has changed a bit and it's no longer as simple as closing your eyes and randomly throwing darts at a MLS map and buying whatever. yes, those days are long gone but if your willing to roll-up the sleeves and get professional at it, there is "deals" all over the place, you just gotta get skilled on how to find them, tap them, monetize them. 

Readers should seek professional advice.