I live in New Jersey and would like to make this a medium term rental.

Hi Chandana, More information would be needed to determine if this is good terms or not. 

I agree, individually neither gets a lot of posts however is there any benefit to having them together?

Their model seems to be to short term rent (3 months) to insurance companies and then pay 1 or 2 months rent (late) to the owner and eventually just quit paying. 

Over the last 2 years that I've managed a short-term rental in northern San Antonio, I have experienced many small contractors that get so easily triggered, offended, and upset at me and my wife. 

I presume you are trying to "add value" in terms of increasing cash flow, not in terms of increasing the value of the home (for you to later cash out refinance)?

I like the benefits of S-Corp, however we wont be paying ourselves a salary.

The Programs includes or covers:- Up to $2.5B in second loan purchases- A maximum programs duration of 18 months- A maximum loan amount of $78,277- A minimum seasoning requirement on the first mortgage of 24 months- Only for Primary ResidencesThe effect of a guaranteed government backed second mortgage for homeowners would be significant and likely put eligible second mortgage terms in line with below market FHA and guaranteed first position mortgage rates. 

I was updating my website and thought this would benefit everybody. 

If the rents have rebounded or are way above the last major downturn then whatever you are experiencing is most likely a short term blip and you should "buy right" and ride the wave back up.