Start small, run the numbers, and ask tons of questions.

Did you run a DSCR calculation to determine cashflow?

My husband and I run a MTR in Lincoln Park that was previously renting as a LTR.

We were running out of money to continue carrying the property, so we took it.We refinanced all our existing debt into a new 30 yr loan for $2M, which was 10 years IO at 8.375% before going principal + interest in years 11-30.

Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

@Owen Wang I applaud your enthusiasm to hit the ground running! 

@Eric E.UBIT only comes into play in an IRA on leveraged real estate and running an active business.

thanks for your time and help 1st off, full disclosure here, Rent To Retirement advertises their properties on my Investment Properties For Sale Show, so I am not a totally unbiased opinion and it's only fair that I tell you this up frontHaving said that, outside of running my show for people like them, I also own a property management company in Northeast Ohio and have worked with 1,000's of out of state investors over the years.I say all of that to say this, the overwhelming majority of negative reviews I have seen on them are very similar to a lot of negative experiences investors have with my property management company and others like it that I've worked with.

Heart or head, feeling or knowledge. 

If you are running a mid term rental property, how is your business?