Renting by the room is almost like running a Bed & Breakfast or hotel except for longer term stays which is why they often are not allowed in R-1 residential neighborhoods.

I have worked in long-term care for over 20 years now as an Administrator , and now I am running a healthcare consulting business on the side. 

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

I heard about Hostaway on a Short Term Show podcast but see on here that Hospitable is the most recommended although the few that list Hostaway are very positive. 

Hey there,Does anyone here have experience in running a mid-term rental in Philadelphia?

Also, what are you main reasons for looking to STF in Rockford, not knocking the area by any means but there is so much opportunity within the city limits where you're less likely to have extended vacancies.Short term rentals have taken a beating this year, while long term rentals have seen an uptick in what they can charge due to high home prices, and inflated interest rates.

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

DSCR doesn't use your income or assets to determine the loan terms. 

Each option has its pros and cons that can impact your investment strategy and overall success.HELOC (Home Equity Line of Credit)Pros:Lower Interest Rates: HELOCs typically offer lower interest rates compared to hard money loans.Flexible Terms: You only pay interest on the amount you draw, providing flexibility in how much you borrow and when.Revolving Credit: As you pay down the principal, the available credit replenishes, allowing you to use it for multiple projects.Longer Repayment Periods: HELOCs often have longer repayment periods, which can make managing payments easier.Cons:Qualification Requirements: HELOCs require good credit and sufficient equity in your primary residence.Secured by Your Home: Your primary residence is collateral, which means a default could risk your home.Variable Interest Rates: HELOCs often have variable rates, which can increase over time.Hard Money LoanPros:Easier Qualification: Hard money lenders focus more on the property’s value and potential rather than your credit score.Speed of Funding: Hard money loans can be approved and funded quickly, which is beneficial in competitive markets.Flexible Use: These loans are designed for real estate investments, making them suitable for purchase and renovation costs.Cons:Higher Interest Rates: Hard money loans typically have higher interest rates and fees compared to HELOCs.Short-Term Loans: They usually come with short repayment terms (often 12-24 months), requiring a quick turnaround on your project.High Fees: Origination fees and other costs can add up, increasing your overall project expenses.For a BRRRR strategy, a HELOC might be the better option if you qualify and have sufficient equity in your primary residence.

However, you could do a quick bridge loan at a high interest rate and then do a dscr rate term refi to get out of the high interest.