It seems that things work pretty smooth until something bad happens to the home, then it can turn into a "phone call" nightmare really quick, and it did.Now, we are thinking about long term renting.

I am looking to buy more properties but putting down 20-25% each time plus closing costs etc is a lot of money that I also want to allocate to other goals.I have heard partnerships are a strategy to leverage other people’s money to create deals that will benefit both sides depending on terms that are setup. 

That is why you need the short term rental policy.

What can you rent the property for as  long term rental in the event that AirBnb doesn't work out? 

How much and how long was the rehab? 

This would qualify the property for long-term capital gains treatment. also, if you command decent rents, it’s going to help you flip that property at a higher price point with solid tenants.I also agree with the sentiment that if you decide to flip it and pay tax that’s a good problem to have because it means you made money on your flip and that’s the goal!

There's a long list of DD we put sponsors through, if you want to DM me I can send you our checklist.

Not a day goes by when a vacation rental investor does not ask: "How accurate are AirDNA rentalizer estimates and projections for short term vacation rentals?" 

I typically see that the tri and quad options were converted very long ago and very poorly done and pretty much all of them are full gut rehabs. 

We are planning to buy a rental property for long term rental  putting 50/50 for the DP.