For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

and also, should I be recording the owner finance loan in any other place besides the properties tab? 

@Richa Wardhan every investor has to find their own answer to your basic question - focus on portfolio growth or paying off what you have.Portfolio Growth leverages your money using loans and tenants paying off these loans.

You can also search for local FB groups that specialize in longer term stays.

--------------------------------------Context:-My wife and I file taxes jointly and own 4 long term rentals in NJ and 3 rentals in FL (1 long term, 2 short/medium term).

Quote from @Nicholas Dillon: I read somewhere that you can request to have your mortgage insurance dropped once your Loan to Value reaches 80%.

I am seeing a lot of movement on VA assumable loans.

My Question is if i have a private investor loan me $70K for 5-7 years (his terms) at 12-15% (not compounded).

I have 2 properties now one I live in but Short Term Rent it when not home which is a lot.

@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it.