Typically, if they can make it work as an STR they go that route because it almost always generates the most revenue.

When Columbus sailed, there cities were old and had long addressed housing issues generations before. 

I’m exploring the idea of turning it into a furnished long-term rental to hold onto it, generate income, and possibly return to STR when things settle down.However, I’m new to the furnished LTR space and would love advice!

I don't really need to know much else about someone - if they can't pass this test, why should I believe that they will be able to run a business that will generate cash?

You are controlling significant assets with little money and using the revenue they generate to pay for them. 

I would like to start generating some passive-income and start with some residential properties in my initial portfolio.   

Account Closed You can do automated lead generation in several ways, depending on whether you're looking for seller leads, buyer leads or private lender leads.Seller Leads: (1) Lead Swiper (online lead search with dozens of targeted searches), (2) Instant Leads -- direct access to listed properties nationwide with a click (3) OfferBot, automated offer making software (I use this every day) (4) Direct Mail Connect (upload your own list or use lists out of Freedomsoft) -- my team manages a ton of direct mail in my real estate business using this, (5) SMS lead generation (I use this every day)...and that's just scratching the surface.Buyer Leads: (1) Nationwide Cash Buyer database (millions of buyer records at the click of a mouse) -- including buyer name, address and all property addresses they've bought including closing dates and prices paid

The property alone is worth a million but is generating an estimated $250k/ yr with the ability to add 3 units on site and acquire an additional 13 acres.

Both are for tracking income/expense and generate reports (P&L, cash flow, but not balance sheet) only, not for listing, screening, collecting rent. 

I see it advertised all the time about how these companies are able to generate leads and allow you to sit in the driver seat while they do all the hard work.