Working with the city to find a solution.There is a similar situation near me where an investor bought a short term rental house, rehabbed it, ran it for a while, and then got in trouble with the town after a neighbor complained and the town said short term rentals weren't allowed in the community. 

@Kevin Connauton, I agree with you that although Pad Split is a great choice for getting the rooms filled, they don't cover all your bases in terms of property management.

I wanted to ask advice of some of you who have a lot of experience in long-term rentals. 

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."  

Are you asking in terms of lending?

Renting it out long-term gives us a $3500to 4000 monthly, we could  rent out one bedroom to a nurse and the other to our daughter but still would be a negative.

It has had higher appreciation than nearby towns since the pandemic and you should be cash flow neutral or slightly positive day one as a long-term rental with a 20% downpayment.Note that zillow and other websites greatly understate your property taxes. 

The best amenities for Airbnb in terms of ROI often depend on your target audience and the location of your property.

Looking for guidance on the best way to proceed going forward in terms of asset protection and how to structure all of this real estate… 

I have many clients buying the older homes in North Phoenix near the north 101 as they are 20-30 years old, in need of updates, but also are poised for the long term growth from TSMC and other business/economic activity in the area.