The wear/tear is much less for STR because the guests do not live their full-time.   

We are going to Little Rock in March and I will definitely place my eyes on something before we buy it.

I'm worried that this equity we are sitting on is not being put to its best use, and am wondering what someone in this situation would do? 

Compare wear thickness(the top layer) and overall thickness.

We are budgeting for no rental cashflow so see upside if we can STR and additional upside when rates eventually and hopefully drop down for a refi.  

In efforts to get more experience with IOS, we are seeking a financial partner that potentially has experience with this asset class. 

I have good record keeping although a bit old fashioned (journal w/hrs, mileage, receipts).No LLC although we are considering with the 3rd rental on board.Would be interested in hearing from CPA's who might fit our needs.  

Interesting, I am an active investor, we also have a team and ask OOS clients almost the opposite: we require them to come to Milwaukee and check out some neighborhoods and houses together in order to make sure we are on the same page.

We are definitely likely going to see a drop in interest rates, which means you could always refinance in the future too to further reduce your monthly payments. 

Since we are considering a 4 bedroom house, let's compare it to a 2 bedroom 2 bath duplex each side.