I recently heard an episode on the rookie podcast about a couple that does rent to own.  

I will need to find a small place for myself and rent out additional room if necessary. 

They paid last month rent.

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They are around 4%, which is higher than some major cities.Could you do mid- or long-term rent well if everything fails?

Would love to find a place central to those 3 spots that I could rent nightly when I am not there.

Prior to anyone submitting an application ensure you share your rental criteria clearly ( i.e. credit score, your preference on acceptance of rental collections, evictions, felonies, misdemeanors, pets etc. ) as well as sharing any additional charges ( i.e. monthly pet rent, pet deposit(s), security deposits, admin fees etc. ) people unqualified will usually "walk" as this stage and that is where you will save time. 3.

Sell for a profit or rent with cashflow LTR if possible. 

Is it going to be rented in the winter time? 

A MTR will give you the flexibility to keep the unit furnished, get a higher monthly rent rate, and avoid HOT.