I am interested in learning all I can about Long Term and Short Term Rentals. 

Over time, I’d like to expand into short-term rentals, buy-and-hold properties, and flips.I’d love to connect and learn from this amazing community.

Additionally, the beach is still within reach...just a short 1 hour flight or 6 hour drive.  

But your colleague may have been confused about Short Term Rentals (STR).

Conventional 5% Down Loan (Owner-Occupied)If you live in the property for at least one year, you can use a primary residence loan with as little as 5% down.After a year, you can convert it to a short-term rental (STR).Loan types: Conventional (Fannie Mae, Freddie Mac)2.

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.

Longer story short, I have a nicer rental that I picked up in the Dallas area.

You did it passively, so don't expect substantial short-term returns. 

Its like a short-sale, its better than a foreclosure but has downsides as well. 

Prior to last year, effectively any SFR was eligible for a short term rental license.