It's important to carefully consider your options and what will best help you achieve your long-term goals.

Unless you plan to room rent long-term, you should make sure your room leases expire at the same time. 

Cash flow, long-term appreciation?

The property currently consists or 3 furnished short-term rental units.

My biggest REI shortcoming is that I am not an expert on construction, carpentry etc and I know I have been taken advantage of a few times in terms of inflated repair costs.My biggest lesson from this is to collect 2-3 quotes for large jobs before awarding the project to any contractor.

We are interested in appreciation, short term/mid term rentals but also tax benefits that come with real estate. 

When you underwrite a STR also underwrite it for long term rental as well.

I understand if funds are not available it is easy get blinded by what saves the most, but if multiple people are telling you that it is a bad idea mostly likely is because they have learned that most of the times or never, saving in the short-term doesn't payoff.

Our experience is in short-term rentals, but we are open to the idea of being landlords if we find the right property.Thank you in advance for your assistance.

More housing options, fewer pet surrenders, and a more stable living situation are some of the benefits.