I am a local Long Island Real Estate Agent covering everything from investment opportunities, development opportunities, home selling, home buying and everything in between. 

If you're invested with long term fixed rates, you'd be paying HUGE pre-payment penalties.

Not only will it have a negative effect on landlords, I would imagine some owners of single family homes will choose to sell to an owner-buyer, thus reducing the number of rental properties on the market, making it more difficult for renters to find places to rent.

Typically, when rentals have been on the market for that long here in Columbus, it's because they're asking too much for rent. 

My question is, since there is flexibility with the building itself, what would be best loan option to go with that would work for this property in terms of best rates, lowest down payment? 

The guys said it best.Make sure you can actually get started before you get started like @John Underwood said.Plus I would really look at just getting more properties like @Mark Miles said.I think you will be ahead in the long run.

Thanks @Henry Clark - Our short term goal is to have a nice place for vacation, make a few dollars, and serve as a jumping-off point as we explore becoming part of the expat community in a few years. 

My goal for the next 10 years is to build a sustainable and profitable mortgage business and use the profits to invest in long-term rentals.

Don't fall for the term sheet.

Hey @Faiyaz Hashmi & @Ali Ahmed - Here is our local Chicago meetup...we are discussing airbnb / short term rentals.