Look into KBKG for cost seg, they also have an online calculator, but a full manual study is far better.I'm not a CPA, but I'll check you :) There are some different rules specifically with regards to Short Term Rentals.

Just looking for someone’s expertise if this would be better to rent long term, as this area seems to attract young families or would we be able to rent more mid-term.

I have a short list of items needed to move forward such as contract signed, W9, launch ready checklist and I need to be added to the homeowners insurance policy as "other insured". 

Will it be a short term rental?

You will more than likely get a higher rate then what you have now but its a simple short term loan that you can refinance in 12 months to lower the rate when rate drop next year (which they will).Use the cash for the DP but I would also advise taking out just a little more as a "What if factor" to cover any unforeseen issues or last minute repairs.

The product just has to be more marketable and attractive now.

I hope your ARV is more than $1.2, but it sounds like you want to use this as a short-term rental. 

Even this in long run https://www.coachcarson.com/short-term-buy-and-hold-plan-buy...

Is it near a college, hospital, or something else that attracts certain tenants?).

This deal is a short sale and was on the market for about 24 hrs.