I am not looking to do it as a MTR, and I am looking more to make it a true furnished LTR (1-year lease).Maybe that's not really a thing though? 

Would a property with 4 bed or 5 bedroom would have a better cash flow ? 

So, your property must be secured with deterrents to hopefully stop this from happening - but, it's impossible to guarantee security.

I've invested in 6 properties and counting with them.

I walked to the house and met a man who says he was cleaning out due to the loss of their mother in some few weeks back.The guy told me she is  left with 12 years mortgage on the property to pay the bank.

It's true that the market is softer in the higher prices but I'm not writing any offers anywhere near asking price in any price band in this market.

This is true regardless of how long you have owned a vacation rental. 

I asked her how many properties she has bought and was shocked to learn..

I got the property off-market for $250k from a trusted family friend.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.