Yes, I think our goal is at least break even right now, and hopefully in a few years the rents will be higher and the property will have appreciated well.I think that’s great advice to think long term, which is what we would be most comfortable with.  

Massively increase rents and sell at enormous profit.

As a general rule, it's best to learn how to handle problems before they become problems. make a list of the potential problems you could face as a landlord: rent rates, marketing, collecting deposit, late rent, unpaid rent, abandoned rental, early lease termination, unauthorized pet, etc.

We were thinking to buy a rental property, fix it and rent.

It adds a personal touch and helps guests feel more at home.Things to Be Aware OfLocal Regulations: Check local short-term rental regulations, including permits, taxes, and any zoning laws that may affect your ability to rent the property.Cleaning and Maintenance: Short-term rentals require frequent cleaning and upkeep.

COJ defines short term rental as 30 days or less.It is still not clear to me whether rentals impact homestead exemption if you are living on the property and only renting a portion.

The DC area is one of the lowest cap rate markets in the country.In MoCo you'll generally need a 40-45% down payment currently to have your rent cover your PITI on a standard long term rental.

Does the tenant expect crown molding and plush carpet for a high rent rate area or do you need to put in carpet that stands up to use and abuse??

I'm getting my finances in order now so I can buy the house that I've been renting from my in laws and will have instant equity.

For an STR, the lender, assuming they are STR friendly, would likely use AirDNA projections, historicals from the seller (if they exist), or an STR 1007 market rent schedule to qualify the rents.