I have rented out this home short term before and have been successful but I don't have any experience with 12 month leases.  

Quote from @Nicholas McCormick: Howdy-Does anyone have any experience with short term rentals in the Bloomington, Indiana area?

Hello Joshua, we invest in West Texas area, all short-term rentals (4 1/2 years experience).

In response to your questions:Biggest q i still dont really understand is:- what happens if i refinance before 7yr term or sellAs you'll be the owner, you can refi or sell before the 7 years. 

If not, many will withdraw their listings by spring, content to hold for another vacation season ($$$). 

If you plan to invest in multiple states or require advanced asset protection, consult a CPA or attorney to explore options like a holding company structure.

If so, shifting that to the tenants at the time of lease renewal is another great way to decrease her overall debt service.This has already been ruled to be against the substantial change of lease terms. 

Or you can go a DSCR route (sometimes with no seasoning) but the terms suck.

Credit pulls for the same type of loan within a short window (usually 14-45 days) are treated as one inquiry, so your score should be fine.

@Cosmo DePinto,I’ve seen investors do great in Huntsville—let me share a few detailsIn short, yes—it’s arguably one of the strongest markets in Alabama for a balance between cash flow and appreciation.