It is currently a 2/1, we plan to convert to a 3/1.

ITs going to depend on a lot of factors but just jumping into STR "around the country" (i.e. potentially very far from yourself) is going to be challenging - property management fees are going to eat up a lot and its hard to cash flow as it is with current rates/prices.Most people would start with LTRs as its generally good for the "first investment" to be more of a learning experience and chalking up a lot of mistakes - so keeping $ amounts low, leverage conservative and the investment as "vanilla" as possible is generally good advice

Many offer low introductory rates and low fees. 

I am currently located in Lafayette, Indiana.

@Bonnie Low does the Kwikset Halo require a separate WIFI bridge? 

However, the state legislature is currently reviewing a bill to eliminate 30 day rentals.  

My vote would be for family or close friends who you know and respect from earlier than your current venture.  

3,6,9 months….it all depends on your personal comfort and if you want the risk of running low of cash and risk of loosing/damaging your property.

I am currently paying $1700 in rent and I despise paying rent, especially being in a financial position where I can afford to build equity in some manner or get a cashflowing asset to offset it. 

The property is great and currently has minimal vacancy.