Lenders usually determine whether properties are lendable based on the debt service coverage ratio. 

However, very glad that we pivoted to mid-term rental approach around $4,500 to $5,000 that has helped address vacancy.

Being out of state, I would suggest vetting your "team", meaning find an investor realtor, lender/s (hard $ / long term), property manager, contractors, etc.

The loft is very successful on Airbnb and people love the main house for long term rental.

For our flooded location luckily we had full coverage.  

You can offset other passive income of gains with depreciation from your long-term rental.  

Quote from @Urvesh Patel: HelloI am new to Cleveland and I am thinking to diversify my real estate portfolio by testing out medium term strategy for the travel nurses in Cleveland around Cleveland Clinic. 

I tend to shy away from homes over ~20 years old to buy and hold for long term renting.

Short term rentals are legal when the host is living in the same apartment as the guests and there are no more than 2 guests staying with the host."

If you plan to live there in the winters, you might have a hard time doing long term rental outside of that and finding a new tenant every summer.