The first year is typically good for most properties, although I've had some rough starts.

What's a typical down payment for commercial multifamily?

Typically the more extensive the rehab the higher the value add.  

You can use a tool like AirDNA to get estimates of property performance in your specific market and with your typical size and configuration of home.

I’ve worked with a lot of investors and property managers in both Texas and Florida, so hopefully, I can help you sort through the options.Florida VibesFlorida could be a fantastic choice if you’re leaning toward short-term rentals.

Does anyone have any insight into what these types of businesses are typically looking for in a partner and what I should be doing to make my space a good fit for them? 

I would also suggest letting them know what the requirements are prior to the showing, and possibly even allowing them to sort of fill out a questionnaire and making it known that failing to meet one or more of the requirements could result in denial of a tour however, everyone is encouraged to apply.Quote from @Emily Mohr: Thank you @Charles J Sabo, @Caria Mitchell, and @Matthew Becker! 

I’m planning to relist the house around April when the market typically picks up.

However, tenant insurance is typically intended to cover personal property and liability for the tenant, not the building itself.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?