Overall I think it’s a great solution for smaller portfolios that you can easily spot any discrepancies, but if you are a larger portfolio or planning on becoming larger in the next year or two, I would look for a double entry system that allows bank reconciliations!

This is a vacation spot that I normally visit several times a year and the short term rental income will help offset the costs. 

Keep Consistent and Organized RecordsOrganized records make it easier to spot issues early and take advantage of tax deductions.

I have been researching everything to do with real estate investing for the past several years and am finally getting to a spot I can start to actually invest.

These spots have been getting more attention from investors and can offer solid cash flow while still being in communities that are seeing improvements.

I can easily come up with the remainder needed to finish off the mortgage, however, that leaves me in a bit of an undesirable spot.

I know this isn't the usual STR approach as most are going after high end vacation spots, etc but to me this strategy is low risk as I'll make sure the numbers work so that I can convert to LTR if needed. 

Once you've built up some reserves or feel like you're in a good spot, you could switch gears to MTR, especially since you're so close to a hospital.And later on, you might even mix it up between MTR and short-term rentals (STR), depending on demand.

I don't think you've been 100% right, nor have the more vocal detractors been spot on with everything either.I advise that you don't give up on MTR as a strategy, if it appeals to you.

I'll just be honest...you're in a very difficult spot and there isn't going to be a straight forward or easy way to recover your funds or get the work completed.