Are they separately metered for utilities, or can you bill back to residents?

I also utilize subordination of the mortgage and substitution of collateral where appropriate to create the “enhanced” returns that I seek.  

Not sure if you have a direct question, but reading the questions between the lines on when a property is actually considered to be in service.Facts and circumstances.Generally for a rental property it is "in service" when it is "ready and available for rent" - meaning you are marketing it for rent, and a tenant could utilize a property that day.

Has anyone utilized this strategy for a longer term and have any feedback? 

Are you utilizing any cost segregation studies/real estate professional status to lower the taxable income?

I do not have a sheet but I typically budget $150 for lawn, $150 for pool if applicable, $100 for cable, $100 for water, $300 a month for electric (depending on property size and your local utility costs), $50 for pest control, and another $200 per month in misc. 

Is it 10  or 15 % downpayment, that is what I wanted to know Is the house in another state that you and your family are planning on utilizing for vacations? 

You also have higher expenses with STR and MTR, you have all the utilities, furnishings, and consumables to account for as well.Combining strategies with house hacking makes it easier to get to cash flow.

An investor-friendly lender will help you devise a plan for savings and debt paydown.I'd also begin looking into which areas you'd like to invest in as well as strategies to utilize (i.e. househacking). 

The key here is that both involuntary conversion provisions and partial dispositions can be utilized, though the approach may depend on your overall tax strategy.