Besides wear and tear on the building and furnishings, remember with MTR you are paying for all utilities, internet, and lawn care, unlike LTRs. 

IE - pet rent, parking fee, utility reimbursement fee, storage fees, etc.

I am looking to expand my portfolio whether in long-term rentals, STRs, flips, etc with a partner in order to better utilize funding, etc.

After that, they have to pay rent, utilities, and other costs even if they aren't going to occupy for another month.

Utilizing Kim's local market expertise, we quickly assessed the property's potential.

Utilizing Seth's local market expertise, we quickly assessed the property's potential.

The key here is to have a plan to pay that loan back.I did this by utilizing the typical BRRRR method on homes in Detroit.

Property 1: 4/3 LTRCurrent Value: $475kPurchase Price: $363kDown payment: $40k (30 year conventional)Interest Rate: 2.75%Remaining Balance: $294kMortgage payment: $2369AVG revenue: $2775Property 2: Duplex - 3/2 House Airbnb & Detached studio apt 12mo leaseCurrent Value: hopefully within $575k-$600kPurchase Price: $591k (appraised at $599k)Down payment: $30k (30 year FHA)Interest Rate: 6.125%Remaining Balance: $552kMortgage payment: $5041 (including $362 PIM)AVG monthly utilities: $385 (full year avg)AVG monthly revenue: $5261 (full year avg airbnb + $1650/month from apt)

Add charges for rent for the remaining months, estimated utilities, estimated cleaning and repairs and cost to re-rent (in our case: cost to PM is 1/2 a month's rent).

I might look into financing options for the property and utilize the HELOC for the down payment.