But, from this thread above, I'm wondering if not having Balance Sheet a big deal? 

I'd definitely consult an RE attorney who is versed with dealing with these. 

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

@Scott Tennell there might be two different definitions here to the PML term.So, if you mean you are reaching out to PML that lend money all the time and have experience doing it - then they will tell you what their requirements are.  

Definitely check out multiple options!

That said, I haven’t managed a long-term furnished rental, and I’m wondering if it might be less stressful.For context: I’ll likely need to hire a property manager since I’ll be overseas, and I want to make sure I’m not locking myself into a hassle.

Those short-term loans can definitely create a lot of uncertainty in today’s market, especially with rising interest rates.

There's lots of definitions and distinctions between the two that get thrown around. 

Drue, looking at your family friend’s property, there’s definitely some room to maneuver here.

Quote from @Chris Olandese:  I like this too - it's very definitive which matches my work ethic.