We cover a large geographical area (nearly 400 miles) because there are usually only a few STR eligible properties for sale in any given city.  

We're new to real estate and would appreciate advice on our current home in Texas and our future place in Oregon.We love our house in Austin and aren't ready to sell, but as a long-term rental, it would yield (from what I understand) negative cash flow, covering principal and interest but not taxes and insurance.

They cover the entire renovation expense.  

Need a few units in same buildings and higher rents to cover expenses aka nice areas. 

Quote from @Conte Cuttino: Property is in C+ area but in a different School district that’s B-If I sale I’ll get 30k profit after 9 months.If I keep as a Long term rental I’ll have to convert the garage into a illegal 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

You may find this a viable option with rates where they are, especially if your rental income continues to cover the mortgage.Home Equity Line of Credit (HELOC): If your property qualifies, you could use a HELOC to access the equity without disturbing the current mortgage.

We have been told that fha will not cover this since there’s are two residences on the property.

Make sure any lease agreement you use complies with Arizona's landlord-tenant laws, including required disclosures (like bed bug information, for example).If you're unsure, consulting with a local real estate attorney to review the agreement can provide peace of mind and ensure you're fully protected.

There is so much to cover and so many different directions you could go.