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

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

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

I have been considering which area of REI to begin with: multifamily homes, mobile home parks, or short-term rentals.

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 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.

However, the ones we viewed were expensive, needed renovations, and would have been a long commute for my son. 

Think long term. 

How much and how long was the rehab?