Quote from @Elam Fisher Jr: Anyone have experience with mid term rentals in Baltimore city?  

I am considering converting to a long term rental but thought that mid term might also be a good approach as well considering the home is fully furnished.

This would be in central Jersey which is still a hot market as a result of record low inventory.I am planning to do this strategy since I want to put low money down (10%) on a construction loan and achieve a quick build to lower my holding fees. 

My two cents but the ship has sailed for short term rentals in this market.

But main point here is, grouping elections can unlock real estate depreciation deductions in sort of the same way that "real estate professional status" and "short-term rentals" do.Amazing!

Even at $110k I think you are pushing it as if you were to get a loan for $150k say your holding costs for that loan and closing costs could be $20k+, then you have selling costs of say 8% which is another $16k.

What should I be aware of in terms of fees, timelines, and potential compliance issues?

Not many investors buying for long term rentals unless it's someone wealthy wanting to park their money somewhere.

I see you're a Mid-term rental investor.

I have seen first-hand in the form of an unexpected inheritance how a windfall at a young age can lead to long-term negative consequences.