What they are currently using the home for (renting by the room vs renting the entire house to one group) isn't your concern.

I read this as someone using a short-term lens to focus on a long-term issue. 

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.

Start with BiggerPockets Ultimate Beginners Guide (free).

This guide will break down the key reasons to explore this market and how you can navigate it effectively.What Are Distressed Properties?

While short-term rentals in areas like Kissimmee, Florida, can pay for themselves and offer lifestyle benefits, the ROI typically doesn’t match what I see from my traditional portfolio of long-term rentals in North Texas.That said, short-term rentals can still be a great choice, especially if you're drawn to the area and the opportunity to combine personal use with investment income.

I'll provide some tips below.2.

Glad you introduced yourself.. have you identified any mentors who can guide you on your journey?

I would suggest getting Dave Ramsey's book called The Total Money Makeover and read that.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)