the returns are long term.  

You most likely will not get owner occupied benefits from your bank though on the loan.

You will still be able to benefit from the losses whether its set up as a MMLLC or SMLLC since you are married.Main thing to keep in mind from the tax side of things is that MMLLC may have a Form 1065 filing requirement each year and increase your tax prep fees.

Recording all the information in the world on short term rentals isn’t going to help you if you get into long term rentals and vice versa.

As might be the case in a Flip that needs work or similar.I am assuming that it would be OK for me to do normal maintenance on a rental that I would be holding long term - such as mowing, small fix-it projects, etc..

Long term rental hold. 20+ years.In Texas, 2 story house with plywood upstairs. 

I want to do long-term rentals to section 8. 

Hey @Jeff Langley - I've never run into this scenario, but thinking from the terms of a guest, I don't think I would ever care if the Airbnb hot tub was wood heated or not. 

Short term, I'd probably buy the next property and live in it while I'm adding value.

Your debt to equity ratio will need to meet the lender's terms.