I'd rather keep the sub-3% rate for now and finance other properties conventionally for the short term.

I imagine it’s a relatively short drive from Southwestern Ontario, and it offers some unique opportunities that align well with what you’re looking for.Detroit has seen tremendous progress over the last decade, with significant investment and revitalization in many areas.

I am thinking of starting with rentals, be it short term, midterm or longterm. 

TECHNICALLY, this falls within the long-term laws because there are only 2 categories - long-term or short-term.

I know its mean to say that people who do their own contracts get what they deserve, but you must know that if you are paying a couple hundred thousand dollars for something it just might have been worth spending $600 on a lawyer to do a proper contract for you.

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

Data point: we have a long-term rental in a popular STR neighborhood listed through Zillow right now.Every person who writes asking to do some sort of arbitrage is blocked by the Zillow platform.I don't even have to say "no thank you anymore."  

I had my lawyer look into them (as much as possible) and review their contracts.

Start to evaluate deals based on the income approach and you'll do much better long term investing. 

It simply depends on your time frame, when you want to actually begin renting the property out short term, and what the loan terms are.