Check in with @Joseph Chiofalo for Pro Forma support and analysis he can help plug in loan terms with investor friendly financing. 

Many months of rates moving at most a few basis points a week morphed into dramatic, massive movements—with bigger changes sometimes happening in one day than had occurred in quarters or years prior.Real estate investors navigating the challenging market of 2024—with mortgage rates still at elevated levels—are at an advantage when they can lock in financing terms or plan purchases while DSCR loan rates are favorable.

You WILL get several bad apples.a few short term rentals (2 or 3) may be doable, but you still would be trying to find good tenants fast, which is difficult.

We (my wife and I) decided instead of buying a new home and renting our primary we would buy an investment property with the funds instead and just sit tight in our current home in the short term.

one star threats are not our favorite as hosts but she did give us a couple items we were not aware of and were able to correct before the next medium term guest.  

However, if it needs that much work you are probably better off going with a hard money loan and then doing a rate & term refi once rehabbed.

Mainly because I can craft the mortgage a little more (no pre-payment penalties, lower down payment, etc.) and eliminate the fees charged by lenders and brokers.One of the benefits of purchasing a listed property is that the broker will normally set the seller's expectations a bit more than you just contacting them off the street.It comes down to what the seller really wants: a certain price, interest, down payment, or term.

There are opportunities for various strategies here- short-term rentals, medium-term rentals, long term rentals, BRRRR, flips, etc. 

Ernest,Besides all the real estate/property/transactional tips above; you need to understand that running a short term rental is running a business. 

The Buyer has no skin in the gameIf someone is approaching you to buy your house without a mortgage or conventional financing and are tying you into a long-term contract they better have some sort of collateral that they're putting up.